Ignore the Sentinel it’s started, Bet365 is slashing 340 jobs and Stoke deserves the full story

Bet365 is slashing hundreds of jobs at its Stoke-on-Trent headquarters as the gambling giant restructures its operations amid increased tax and regulatory costs.

The company has announced plans to cut 300 jobs at its Stoke-on-Trent headquarters, which employs around 5,500 people.

A further 40 roles will be cut across Bet365's offices in Malta and Gibraltar, taking the total number of jobs affected across its European hubs to approximately 340.

The cuts represent around three per cent of Bet365's workforce across the affected operations.

The announcement comes as gambling businesses face increased taxation following changes introduced by the Labour Government.

Former Chancellor Rachel Reeves increased the rate of tax on remote gaming from 21 per cent to 40 per cent, while the levy on online sports betting was increased from 15 per cent to 25 per cent.

Bet365 said it was also operating in an increasingly competitive trading environment, alongside rising regulatory costs.

A spokesperson for the company said: “As an international business, we continually review and assess our operations to ensure the business’ long-term future.

“We are currently facing a highly competitive trading environment, plus increased regulatory and tax-related costs.

“As a result we are restructuring some of our locations this year. Ultimately, this will result in a reduction of approximately 340 roles across our European hubs, which is the equivalent of around three per cent of the workforce.”

The company said it was committed to limiting the impact on its employees and would initially explore voluntary redundancies.

Bet365 added: “We are committed to minimising the impact on our people and are exploring all avenues to reduce the number of redundancies. As a first step, we are planning a programme of voluntary redundancies.

“Our colleagues are our priority. We understand the concerns many will have. Impacted staff have been informed and are being fully supported throughout this process.”

Major employer in Stoke-on-Trent

The announcement will be closely watched in Stoke-on-Trent, where Bet365 is one of the city's most significant employers.

The company, which is run by Denise Coates, employs thousands of people at its headquarters in the city.

The loss of 300 roles locally represents a significant blow for the workforce, although the company has stressed that it will first seek voluntary redundancies in an effort to reduce compulsory job losses.

The announcement also comes against a backdrop of wider job losses across the gambling industry.

According to reports, around 4,500 gambling sector jobs have already been lost since Labour's Budget last year.

The latest tax increases have been fiercely debated within the industry, with operators warning about the impact of higher costs on their businesses.

For Stoke-on-Trent, however, the immediate concern will be the hundreds of Bet365 employees whose jobs are now potentially affected.

And while some reports may focus simply on the headline figure, the reality is that 300 of those roles are at Bet365's huge Stoke-on-Trent operation, making this a major local story.

Six Towns Daily will continue to follow what happens next as Bet365's restructuring progresses and more details emerge about the jobs affected.