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Bet365 cuts 340 jobs due to regulatory and tax challenges. September 10, 2026 Bet365 announces 340 job cuts across multiple locations. Bet365, a major UK gambling operator, has revealed plans to reduce its workforce by about 340 jobs. This downsizing affects employees in several offices, including those in Stoke-on-Trent, Malta, and Gibraltar, representing nearly 3% of the company's total staff. Reasons behind the layoffs. The company cited ongoing economic pressures alongside increased regulatory scrutiny and rising tax costs as the main reasons for the job cuts. A spokesperson highlighted that the competitive trading environment has also played a role in this difficult decision. Efforts are being made to minimize the impact of these redundancies. Bet365 is offering voluntary redundancy options as a first step and is committed to supporting those affected by the layoffs. All employees impacted by this decision have been informed, and the company is taking measures to provide assistance during this transition. Broader industry trends and related closures. Alongside workforce reductions, Bet365 has confirmed plans to shut down approximately 132 retail shops across the UK. While this move was described as necessary, it also reflects wider challenges within the gambling sector. Similarly, Paddy Power has initiated a review that could result in the closure of up to 100 shops, potentially affecting up to 400 jobs. Earlier, Paddy Power had already announced the closure of 21 underperforming stores in Ireland. Regulatory and tax environment impacting the industry. The UK's Autumn Budget introduced substantial tax hikes that have significantly impacted the gaming industry. Key changes included an increase in iGaming tax from 21% to 40% and a rise in the sports betting duty from 15% to 25%. These new tax rates were implemented despite strong opposition from the gaming sector.

Britain's richest woman Denise Coates paid herself £104 million and is now cutting 340 Bet365 jobs. Bet365 will cut about 340 jobs across Stoke, Gibraltar and Malta after tax on online casinos rose from 21% to 40% under Rachel Reeves. September 9, 2026. 1:23 AM Bet365 is cutting about 340 jobs, roughly 3% of its workforce, in the first significant redundancy round at the company Denise Coates built into the largest privately owned gambling business in Britain. Up to 300 roles go at the headquarters in Stoke-on-Trent, where the company employs about 5,500 people, with a further 40 affected in Gibraltar and Malta. A spokesman said Bet365 faces a highly competitive trading environment alongside increased regulatory and tax-related costs, and is restructuring some of its locations this year. It plans a voluntary redundancy programme first and says it is exploring all avenues to reduce compulsory losses. The tax changes behind it are substantial. Chancellor Rachel Reeves raised the levy on online casinos and digital slot machines from 21% to 40%, and duty on most online sports betting is due to rise from 15% to 25% from 2027. Coates paid herself £104 million in the year to the end of March 2025, an increase of 8% on the previous year. Her family's wealth has been estimated at close to £10 billion. She built the company from a portable cabin. Coates bought the domain bet365.com in 2000 and launched the business the following year with a £15 million loan secured against her family's betting shops, having previously run the chain her father Peter Coates founded. She remains joint chief executive and the company has never listed, which is why her pay is disclosed in filings rather than set by a remuneration committee answering to outside shareholders. The wider industry has been shedding staff since the 2025 budget. The Betting and Gaming Council counts about 4,500 jobs lost across the sector since then, alongside hundreds of high street bookmakers. Entain, which owns Ladbrokes and Coral, announced 500 redundancies earlier this summer, and William Hill confirmed the closure of around 270 shops this year. There is a political history to it. Peter Coates and companies linked to Bet365 were regular donors to the Labour Party until 2015, giving a total of about £490,000, and he donated £25,000 to Keir Starmer's office in 2020. The funding lapsed during Jeremy Corbyn's leadership. The party they backed has since raised gambling taxes twice. The intelligence satisfies curiosity. The paid briefings satisfy strategy. Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story - the kind of analysis that doesn't appear anywhere else. Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches. Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings