Paddy Power faces shutting 100 shops with the loss of 400 jobs
PADDY Power bosses face closing up to 100 stores with the loss of four hundred jobs blaming damaging tax hikes on the sector.
TL;DR
- Paddy Power may close up to 100 stores, leading to 400 job losses.
- The company blames "damaging tax hikes" on the sector, including increased duty rates on gaming machines and a new online sports betting duty.
- Rising operating costs such as National Insurance contributions and energy bills also contribute to the challenges.
- Competitors Betfred and William Hill (via Evoke) have also announced significant store closures.
- The Betting and Gaming Council reports over 640 betting shop closures and 5,000 job losses across the sector recently.
- A government spokesperson stated that gambling duty reforms aim to raise £1 billion annually to fund government priorities and support the cost of living.