UK high street giant closing 29 stores nationwide this month
A significant shift is underway in the UK betting industry as Paddy Power prepares to close 29 stores this month. This popular betting giant, owned by Flutter Entertainment, has announced the closures amidst increasing financial pressures.
Paddy Power’s Store Closures
Paddy Power currently operates 608 betting shops across the UK and Ireland. The decision to shut 29 UK shops is a response to challenging market conditions. The closures come at a time when the company is reviewing its high street presence while aiming to align with changing customer trends.
Impact of Tax Changes
The upcoming Autumn Budget proposed by Chancellor Rachel Reeves has raised concerns about potential tax increases. Flutter Entertainment has cautioned that higher gambling taxes could adversely affect jobs and investment in the betting sector. This may also push more customers toward unlicensed operators in the black market.
Industry Trends
The betting shop landscape has been in decline over the past eight years. The total number of betting shops in the UK and Ireland has decreased by a third during this period. In September 2017, there were 9,977 shops; as of last month, only 6,668 remain.
Broader Industry Implications
- Betfred, the UK’s second-largest bookmaker, has also expressed concerns about potential tax hikes.
- If the government follows through with plans to double gambling taxes, Betfred warns it may close all 1,300 of its shops.
- This could result in the loss of approximately 7,000 jobs nationwide.
Joanne Whittaker, CEO of Betfred, has highlighted that these measures could “wipe out the high-street betting shop” and jeopardize the traditional gaming sector in Britain.
As the situation develops, the future of betting shops across the UK remains uncertain, with both customer accessibility and job security at stake.
