A popular betting giant is due to make a series of closures this month with stores set to close.
Paddy Power is known for its popular range of betting shops which serve customers across the UK. It recently told staff that it will shut a total of 29 UK shops across the UK.
Paddy Power, which is owned by Flutter Entertainment, operates 608 betting shops across the UK and Ireland.
Owners have warned that further tax rises from Rachel Reeves in her upcoming Autumn Budget could have “a significant impact on jobs and investment”.
Flutter Entertainment confirmed that 29 shops will close in the UK and a further 28 in Ireland, reports The Sun.
As reported by the Racing Post, a spokesman for Flutter Entertainment said: “We are continually reviewing our high street estate, but it remains a key part of our offer to customers, and we are seeking to innovate and invest where we can as we adapt to different customer trends and needs.
“While today’s closures are not directly related to the uncertainty surrounding the budget, a higher gambling tax could have a significant impact on jobs and investment across the industry and drive more customers into the arms of unlicensed operators on the illegal black market.”
The industry has struggled over the last decade, with the overall betting shop estate in the UK and Ireland tumbling by a third in the last eight years.
In September 2017, there were 9,977 shops but there were only 6,668 remaining last month.
Another of the UK’s biggest betting shops has also spoken out against changes which could be coming in the budget.
According to Business Matters, Britain’s second-largest bookmaker, Betfred, has warned it will close all its 1,300 betting shops and cut 7,000 jobs if the government presses ahead with plans to double gambling taxes in next month’s budget.
Joanne Whittaker, chief executive of Betfred, said the measures being considered by chancellor Rachel Reeves would “wipe out the high-street betting shop”, threatening the future of Britain’s traditional gaming sector.
