Betfred is eliminating 600 positions and shuttering 132 betting shops, marking a significant contraction in its high-street footprint.
The UK gambling operator attributes the restructuring to the combined weight of increased gambling taxes introduced by the Labour government and rising employment costs, which chief executive Jo Whittaker said have made it "impossible" to keep the locations open.
The move underscores the intensifying squeeze on the UK betting sector, where operators are grappling with a deteriorating cost base.
With more than 1,300 shops currently in operation, the closure of 132 outlets represents a material reduction in physical presence, signaling a strategic pivot away from underperforming high-street locations.
Investors are likely to view the job cuts as a necessary step to preserve margins, though the scale of the reduction raises questions about the long-term viability of the traditional shop model.
This development adds to a broader trend of corporate cost-cutting across sectors, as companies seek to offset inflationary pressures and regulatory headwinds.