Bet365 announces job cuts amid rising UK tax and regulatory costs

Bet365 has announced plans to cut approximately 340 jobs, representing about 3% of its workforce, across its offices in the United Kingdom, Malta, and Gibraltar. The company cited a highly competitive trading environment alongside rising regulatory and tax-related costs as the primary drivers for the restructuring.

The company is facing significant tax increases, including a rise in remote gaming duty from 21% to 40%. Additionally, a new remote betting duty is expected to raise the effective tax rate on sports betting products from 15% to 25% by 2027. To mitigate the impact, bet365 is implementing a program of voluntary redundancies.

In a broader context of the UK gambling sector, high-profile individuals and companies are reacting to shifting fiscal policies. Billionaire Chris Rokos has reportedly left the UK for Greece, and other gambling firms, such as Evoke (owner of William Hill), have previously announced closures in response to similar regulatory pressures.