The co-founder and chairman of one of the largest bookmakers in the UK, Betfred, has spoken out about a possible tax hike on gambling firms, warning that the company’s shops could all disappear.
Fred Done, who co-founded the company in 1967, has spoken to the BBC and told the publisher that tax rises would be the “biggest threat” to the industry in his 57 years.
This comes as people are waiting with baited breath in the UK to see what will happen in the Autumn Budget which is to take place on Wednesday 26 November, 2025. There are concerns from within the gambling industry that there could be a reform in taxes, with this having been a suggestion.
'I do think there's a case for gambling firms to pay more,' said the chancellor when asked if she would consider increasing the taxes gambling firms pay
'They should pay their fair share of taxes, and we'll make sure that that happens' pic.twitter.com/iNPyki9EVN
— ITVPolitics (@ITVNewsPolitics) September 29, 2025
Chancellor Rachel Reeves recently told ITV: “I do think there is a case for gambling firms paying more…they should pay their fair share of taxes and we will make sure that happens.”
Betfred co-founder speaks out: What are the UK gambling tax proposals?
Also, at the end of September, more than 100 Labour MPs in the United Kingdom signed a letter calling on the government to raise taxes on gambling companies as a means to reduce child poverty. The action has been led by former Prime Minister Gordon Brown who has amplified proposals set by the Institute for Public Policy Research (IPPR).
In the report from the IPPR, it has been recommended to increase remote gaming duty from 21% to 50%, with machine games duty to go from 20% to 50% on operator profit. These suggestions have been slammed by the UK Betting and Gaming Council, however, who called them “anything but thoughtful.”
'In job losses we're talking probably 7,500'
Fred Done, who set up Betfred in 1967 with his brother, has warned all the firm's 1,287 shops could disappear from the high street if Chancellor Rachel Reeves hikes taxes on gambling firmshttps://t.co/tyGtQrRRbl pic.twitter.com/xGkg7ttLeu
— BBC Breakfast (@BBCBreakfast) October 19, 2025
In the BBC interview, the businessman said: “It [tax] doesn’t even need to go up to 50%. If it went up to anywhere like 40% or even 35% there is no profit in the business. We would have to close it down. I’m talking job losses. We’re talking probably 7,500,” he said.
He went on further to explain how 300 of the shops are “currently losing money” and suggested a 5% increase in gambling taxes could raise the number to 430.
ReadWrite has reached out to Betfred, which said it was not making any further comment on the matter.
Featured Image: Credit to Edwardx on Wikimedia Commons, CC4.0
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