PADDY Power bosses face closing up to 100 stores with the loss of four hundred jobs blaming damaging tax hikes on the sector.
The betting firm is conducting a review of their High Street estate across the UK and Ireland – as they launched an attack on the “material impact” of hiked levies.
Paddy Power say up to 100 stores across UK and Ireland could close Credit: Alamy
Betfred have already announced plans to close 132 stores Credit: Alamy
The move comes on the back of Betfred planning to close 132 shops and William Hill and 888 owner Evoke shutting 270 stores.
Its follow ex-Chancellor Rachel Reeves increasing the duty rate on gaming machines found in betting stores and a new online sports betting duty coming in next year.
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Shadow Sport Minister Louie French said: “Labour’s morality police and economic incompetence continue to destroy high street jobs every week.
“We warned the Government this would be the consequence of their disastrous policies and it is consumers, sports and workers who will pay the price.
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The rise of the online illegal black market and decline in regulated businesses is a lose, lose situation for Government and UK sport.”
The Jattvibe’s Save Our Bets campaign urged ministers not to raise betting duties at the Budget.
Blame for the pending closures in the UK was also laid at rising costs with firms hit by added national insurance contributions and rising energy bills.
The firm has not said how many closures there would be across the two countries.
Grainne Hurst, boss of the Betting and Gaming Council said: “This is yet more evidence of the real-world consequences of the tax rises imposed on Britain’s betting and gaming industry.
“The sector repeatedly warned that higher taxes would lead to shop closures, job losses and less investment, and sadly that is exactly what we are now seeing.
“Since the last Budget alone, more than 640 betting shops have now closed and around 5,000 jobs have been lost across the sector.”
Betting shops have also been in the firing line under Prime Minister Andy Burnham who is looking at making it harder for councils to stop new betting shops from opening.
A spokesperson from Flutter UK and Ireland, which owns Paddy Power, said its high street estate remains a key part of its business across the UK and Ireland.
They added: “Unfortunately, we have had to take the extremely difficult decision to conduct this review.
“The high street trading environment has been challenging for a number of years given rising costs, fierce competition, economic uncertainty and the shift to online but we also face a material impact from the higher gambling taxes announced in last year’s UK Budget.”
A government spokesperson said: “The gambling sector is supported by a stable economy and it must contribute to public services.
“Gambling duty reforms will raise around £1 billion a year to help fund the government’s priorities, including support with the cost of living.
“We are also providing millions in additional funding to Gambling Commission to strengthen enforcement and tackle illegal gambling.”
