Bet365 is reducing its workforce by approximately 340 roles across its European hubs, equating to about three percent of its global staff. The company announced that 300 positions will be cut at its headquarters in Stoke-on-Trent, England, with an additional 40 roles eliminated from offices in Malta and Gibraltar. This move comes after the UK government significantly increased taxes on the gambling sector.
In the previous year's budget, the former Chancellor Rachel Reeves raised taxes on remote gaming from 21 percent to 40 percent, and the levy on online sports betting from 15 percent to 25 percent. A Bet365 spokesperson cited a "highly competitive trading environment" and "increased regulatory and tax-related costs" as reasons for the restructuring. The company stated it is committed to minimizing the impact on employees and is initially offering voluntary redundancies, with impacted staff receiving full support.
The job cuts at Bet365 add to thousands of other positions lost within the gambling industry since the tax changes. Industry body Betting and Gaming Council (BGC) reports that over 540 betting shops have closed since November. Other major operators have also announced significant staff reductions. Betfred confirmed in July the closure of 132 shops, leading to 600 job losses. William Hill's owner, Evoke, has shut 270 shops, and Ladbrokes' owner, Entain, has also indicated plans to cut around 500 jobs.
The UK government has contended that it is not responsible for the closures, but gambling companies argue that the tax increases have forced difficult decisions, particularly for businesses managing both retail and online operations under a single financial structure. New Prime Minister Andy Burnham has also expressed intentions to address the proliferation of betting shops on high streets, with plans to revoke parts of the 2005 Gambling Act. This legislation currently limits the ability of local councils to refuse new betting shops and 24-hour slot machine venues, even in the face of community opposition.