Bet365 to Cut 340 Jobs in Europe Due to Rising Taxation in the UK
The online operator Bet365 announced the elimination of 340 jobs, equivalent to 3% of its global workforce, citing increased regulatory and tax costs in the UK.
Key Takeaways
- Bet365 will cut 340 jobs, particularly affecting the Stoke-on-Trent, Malta, and Gibraltar offices.
- The reduction is equivalent to 3% of Bet365's global workforce according to its latest accounts.
- The increase in the Remote Gaming Duty in the UK to 40% prompted the restructuring.
- Competitors such as Flutter, Evoke, and Betfred have also announced closures and adjustments due to tax pressure.
- The adjustment responds to an intensely competitive environment and higher regulatory costs.
Bet365 confirmed the elimination of 340 jobs at its headquarters and European centers in response to the more stringent UK fiscal environment. This decision, attributed to an intensely competitive atmosphere alongside rising regulatory and tax costs, will mainly affect the company’s operations and trading areas. Bet365's offices in Stoke-on-Trent will lose 300 employees, while the remaining cuts will be distributed among centers in Malta and Gibraltar.
Impact of the Tax Increase on Bet365
The private operator directly attributes the cuts to the increase of the Remote Gaming Duty in the UK, which rose from 21% to 40% on April 1. Additionally, from April 2027, the Remote General Betting Duty —excluding domestic turf— will increase from 15% to 25%. This fiscal pressure, combined with competition in the online market, has forced the company to revise its costs and operational structure in Europe.
Details of the Cuts: Headquarters and European Offices
Bet365's headquarters in Staffordshire currently employs around 5,500 people, making it the largest private employer in that region. Of the 340 cuts announced, 300 will be concentrated in Stoke-on-Trent and the rest in Malta and Gibraltar. With an average global workforce of 9,462 employees, the reduction represents approximately 3% of its total workforce. The process will mainly impact the operations and trading teams.
Context: Fiscal Pressure and Trends of Adjustment in the Sector
The modification of the fiscal framework does not only affect Bet365. Flutter confirmed the possible closure of up to 100 Paddy Power shops within its mitigation plan. Evoke, the parent company of William Hill, and Betfred also announced the closure of betting locations, citing the increase in Remote Duty as a determining factor. Entain, operator of Ladbrokes and Coral, revealed a cut of 500 jobs —around 2% of its global workforce— although not solely attributing it to the fiscal scenario. Bet365, for its part, does not operate physical outlets, so the pressure is on its online operations.
Recent reports indicate that Chancellor John Healey is considering raising the Machine Games Duty to 40% for category B machines in physical locations, which has generated warnings of a "catastrophic" impact on the physical segment, supported by the Social Market Foundation and former Prime Minister Gordon Brown.
Internal Strategy and Support for Affected Staff
A spokesperson for Bet365 stated:
“As an international company, we continuously review our operations to ensure the long-term future of the business. We are currently facing a highly competitive commercial environment, along with rising regulatory and fiscal costs,” the company noted.
The plan for the cuts is initially proposed through voluntary redundancies, prioritizing support and information for the staff involved during the process. Bet365 claims that its goal is to minimize the scope of forced layoffs and manage the impact on its team.
Outlook for Operations and Employment in the Online Gaming Sector
The combination of higher taxes and strict regulations is forcing operators to reassess structures and strategies in the European market. Bet365's case is representative of a broader trend, where workforce reduction is a direct response to the fiscal challenges imposed in the UK and other regulated markets. Sector analysts observe an uneven impact, particularly affecting operators focused online, without significant retail presence.
The workforce adjustment at Bet365, alongside similar measures in rival companies like Flutter, Evoke, Betfred, and Entain, points to a period of consolidation and readjustment in the European gaming industry. Regulatory and fiscal events, along with competition, will continue to influence the strategic decision-making of major operators.
Frequently Asked Questions
How many jobs will Bet365 cut and in which locations?
Bet365 will cut a total of 340 positions, with 300 at the Stoke-on-Trent headquarters and the rest distributed between Malta and Gibraltar. This measure affects 3% of its global workforce.
Why did Bet365 decide to implement this job cut?
The decision is due to the increase in online gaming taxes in the UK, especially following the rise of the Remote Gaming Duty from 21% to 40%, along with higher regulatory costs.
Is the cut limited only to the online area?
Yes, Bet365 has no physical retail operations, so the cuts only affect its trading and online operations structure in Europe.
What other gaming companies have taken similar measures in the UK?
Flutter has announced the closure of up to 100 Paddy Power shops, Evoke and Betfred have confirmed closures, and Entain will reduce 500 jobs. All cite the tax pressure from the UK government as the primary reason.
Does Bet365 plan to support affected staff during the process?
Bet365 reported that it prioritizes minimizing forced layoffs and has initiated a voluntary redundancy program, as well as offering support and information to affected employees throughout the process.
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About the author
Gonzalo Marín
Industry Deals Correspondent
Gonzalo Marín covers the corporate deal flow of gambling — operator strategy, M&A, regulated-market entries, and product launches. The reports open with the transaction, cite companies, valuations, and jurisdictions exactly as released, and keep the announcement apart from its actual effect. When a Latin American operator raises capital or a European brand lands in the region, Gonzalo Marín reports who signs, for how much, and on what terms.
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