Betfred Founder Warns of UK Shop Closures Amidst Tax Increase Concerns
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Betfred Founder Warns of UK Shop Closures Amidst Tax Increase Concerns
- Betfred founder Fred Done has warned that nearly 500 of the company's 1,094 shops could close within a year if machine gaming duty doubles from 20% to 40% in the upcoming October Budget.
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This follows previous tax changes in the last year’s budget, which already led to the closure of 132 Betfred shops.
Betfred founder Fred Done has expressed significant concerns about the future of the company’s operations in the UK due to potential tax increases, suggesting he would “not wish to be reborn” in Britain. Done, whose company paid £210 million in UK taxes for the year ending March, warned that a proposed doubling of machine gaming duty from 20% to 40% in the October Budget could force the closure of 495 of Betfred’s 1,094 shops within a year. Such a move would put 2,575 jobs at risk and reduce tax payments to the Exchequer by £67 million.
These warnings follow previous tax changes implemented in last year’s budget, which impacted Betfred’s online profitability and resulted in the closure of 132 shops. Done, who, along with his brother Peter, topped this year’s Sunday Times Tax List, argues that continuous tax increases on businesses and high-net-worth individuals are diminishing the UK’s attractiveness as a business environment. He also raised concerns that higher taxes could push gambling activity towards unregulated black market channels, potentially reducing consumer protections and overall tax revenue, while also jeopardizing funding for UK horseracing.
Other major gambling companies have also voiced similar concerns. In November 2025, former Chancellor Rachel Reeves increased remote gaming duty from 21% to 40% and introduced a new 25% online sports betting levy from April 2027, excluding horse racing. These changes were estimated to raise an additional £1.1 billion annually by 2029-30. Entain, owner of Ladbrokes, announced plans in September 2026 to cut approximately 400 customer care positions, citing the impact of increased gambling taxes.