Bet365 is making significant job cuts in the UK and Europe as a direct response to the recent tax changes imposed on the gambling industry.

The company, led by the UK’s highest-paid female executive, Denise Coates, announced plans to reduce its workforce by 340 positions at its Stoke-on-Trent headquarters, which currently employs approximately 5,500 individuals.

Additionally, 40 jobs will be eliminated in its offices located in Malta and Gibraltar. This decision follows a wave of layoffs in the gambling sector, totaling 4,500 jobs lost since last year’s Budget under the Labour government, as Andy Burnham prepares for confrontations with major bookmakers across the country.

Former Chancellor Rachel Reeves elevated taxes on online gaming from 21% to 40% in her final Budget, while also increasing the levy on online sports betting from 15% to 25%.

A spokesperson for Bet365 stated, “As an international business, we consistently review and evaluate our operations to ensure the long-term sustainability of the company.

We are currently navigating a highly competitive market, alongside rising regulatory and tax-related expenses.”