Betfred, one of the largest bookmakers in Britain, is set to eliminate hundreds of jobs as it prepares to shut down over 130 betting shops due to a growing tax burden on the industry.

Sky News has reported that the company, founded by Fred Done, informed staff on Friday that it plans to permanently close 132 shops representing just over 10% of its total locations.

This move will result in approximately 600 job losses, with a consultation process for the impacted employees now underway. This development follows a trend of similar closures by competitors such as Entain, the parent company of Ladbrokes, and Evoke, which owns William Hill.

The gambling sector is facing increasing industry levies, prompting these significant changes. Earlier this month, Entain announced a workforce reduction of about 2%, translating to around 500 jobs, while Flutter Entertainment, which owns Paddy Power, has also been downsizing its store portfolio in recent months.

These closures mark the most significant reduction for Betfred since last November, when Mr. Done cautioned that the escalating tax pressures could lead to shutting down all of the company’s 1,200 betting shops in the UK. Following these latest losses, Betfred will operate with 1,094 shops in the UK, down from a peak of 1,680 in 2017.

After the job cuts, the company will have an estimated workforce of around 6,800 in the UK.