Bet365 Ends 340 Jobs Amid Regulatory and Tax-Related Pressures

Bet365 has become the latest UK operator to put jobs on the chopping block amid regulatory and tax headwinds. According to the announcement, roughly 340 jobs will be cut as part of the downscale. Bet365 to Part Ways with 340 Employees According to the announcement, bet365 will put an end to 340 jobs across various offices, including ones in Stoke-on-Trent, Malta and Gibraltar. The layoffs will effectively see the operator part ways with roughly 3% of its total workforce. The company attributed the decision to the ongoing economic, regulatory, and tax-related challenges. A spokesperson added that the competitive trading environment, increased regulatory scrutiny, and heavier tax burdens are all factors that contributed to the layoffs. A spokesperson emphasized that bet365 is working hard to limit the number of job losses. They also added that the operator seeks to support everyone affected by the cuts. We are committed to minimizing the impact on our people and are exploring all avenues to reduce the number of redundancies. As a first step, we are planning a program of voluntary redundancies. Bet365 spokesperson The company representative added that everyone affected has already been informed and that steps have been taken to support them. In addition to ending 340 jobs now, the operator previously confirmed plans to close some 132 shops across the UK. While the company admitted that it was saddened by the decision, officials painted it as necessary. Paddy Power Announced Plans to Cut Up to 100 Shops In any case, bet365’s decision to reduce its workforce is by no means unique and follows a broader trend. Paddy Power seems to be experiencing similar problems, as it just announced that it has initiated a review that could cause the company to close up to 100 shops, which would impact as many as 400 jobs. Paddy Power’s reasons for that decision were similar to the ones described by bet365. Before that, Paddy Power announced the shutdown of 21 more retail locations across Ireland. However, these closures came much earlier and were deemed necessary due to the fact that the stores in question simply did not perform well enough. For reference, the UK’s Autumn Budget introduced controversial tax hikes, despite the gaming industry’s strong disagreement with the motion. As a result of the new budget, the iGaming tax increased from 21% to 40%, while the sports betting duty rose from 15% to 25%.