Bet365 is cutting approximately 340 jobs across its European operations, including 300 at its headquarters in Stoke-on-Trent, England, and an additional 40 roles in Malta and Gibraltar. The company cited a "highly competitive trading environment" and "increased regulatory and tax-related costs" as primary reasons for the restructuring.
This decision follows significant tax hikes implemented by the UK government. In the last budget, taxes on remote gaming were raised from 21% to 40%, and the levy on online sports betting increased from 15% to 25%. These changes have had a ripple effect across the gambling sector.
An estimated 4,500 jobs have already been lost within the gambling industry since the tax increases were announced. Betfred announced in July it would close 132 shops, leading to 600 job losses. William Hill's owner, Evoke, has shut 270 shops, and Ladbrokes' owner, Entain, plans to cut around 500 jobs.
The Betting and Gaming Council (BGC) stated that the job cuts at Bet365 are a direct consequence of the government's tax measures. Grainne Hurst, chief executive of the BGC, noted that the sector had warned of potential job losses, reduced investment, and damage to British businesses. She added that the situation could favor unregulated illegal gambling markets.
Bet365 has indicated that it is exploring all options to minimize redundancies, beginning with a program of voluntary redundancies. The company emphasized its commitment to supporting affected staff. Denise Coates, the head of Bet365, has earned substantial sums from the business in recent years. According to recently filed accounts, she received nearly £104 million for the year ending March 2025.
Industry bodies have urged the government to reconsider further tax increases and adopt an evidence-based approach to protect jobs and investment within the regulated market. The government, however, has maintained that high street closures are not solely its responsibility. Prime Minister Andy Burnham has also outlined plans to curb the proliferation of betting shops on high streets and is considering changes to the 2005 Gambling Act to give local councils more power to reject new betting establishments.