Betfred founder Fred Done has publicly blamed “over-taxing and over-regulating” for forcing the closure of 132 of the bookmaker’s retail shops across the UK.
Done made the emotional remarks on Betfred TV following the announcement of a formal consultation process on the planned closures, describing each shut shop as “killing your own babies.”
HM Treasury has pushed back strongly, telling The Times that linking the closures to government policy is plain wrong, pointing out that retail gambling was largely spared in the Autumn Budget.
The Treasury’s position holds some weight, as former Chancellor Rachel Reeves did not significantly target land-based betting operations in her most recent fiscal statement.
However, pressure on UK operators has intensified following an almost doubling of the remote gambling duty, which rose from 21% to 40% from April this year.
A new general betting duty rate of 25% covering almost all forms of remote betting is also due to come into force from April 2027, adding further financial strain to the sector.
The closures, if confirmed following the consultation process, would shrink Betfred’s retail footprint considerably from what was once a dominant high street presence.
At its peak, Betfred operated 1,650 shops, but the latest round of closures would reduce that number to approximately 1,090, marking a significant contraction of the brand’s physical estate.
Done did not hold back in expressing his frustration, saying: “We were the leading independent bookmakers in this country, and as bookmakers I think we were the best in the world. We took on the world – we were so good. We’re no longer the best because of what’s happened to us with taxation, regulation and making it so difficult. This is people’s lives, and we’ve got a heart, and I’ve got a sad heart today.”
The dispute highlights the growing tension between major UK operators and regulators over the cumulative impact of taxation and compliance requirements on the viability of retail betting.
While the Treasury draws a distinction between remote and retail tax policy, critics argue the overall regulatory environment makes sustaining large shop networks increasingly difficult for bookmakers.
The outcome of Betfred’s consultation will be closely watched across the industry as a potential indicator of the broader future of high street betting in Britain.
