Summary
Betfred, a UK gambling company, says it might close all its shops if gambling taxes increase. The company's chairman, Fred Done, warned that higher taxes could lead to job losses and closures. The UK government is considering raising taxes on gambling companies to help reduce child poverty.
Key Facts
- Betfred has 1,287 shops in the UK and employs about 7,500 people.
- The company's chairman, Fred Done, said that even a tax increase to 35-40% could force them to close shops.
- There is a proposal for significant tax hikes on gambling to raise funds for social causes like reducing child poverty.
- The Institute for Public Policy Research suggested a tax rate increase could generate £3.2 billion.
- Betfred reported nearly £1 billion in revenue but only £500,000 in operating profit after write-downs.
- Currently, the gambling industry in the UK pays various taxes, including a 21% tax on online casino gaming.
- Other gambling firms, like William Hill and Paddy Power, have also pointed to potential closures due to financial pressures.
- Critics highlight the social and financial issues associated with gambling.
