Betfred has announced that it will close all 1,287 of its UK betting shops if the government raises taxes on the gambling industry in the upcoming budget. This move highlights the significant impact that potential tax increases could have on the profitability of gambling firms, prompting them to ramp up lobbying efforts. The situation is critical as it not only affects Betfred's operations but also raises concerns about the future of the gambling sector in the UK, which could face severe challenges if taxes rise significantly.

Betfred's co-founder has warned that the company may have to shut down all its shops if the government increases gambling taxes. This move could jeopardize around 7,500 jobs, highlighting the potential impact of tax policy on employment in the gambling sector. It's a significant concern for both the company and its employees, as the closure of shops would not only affect livelihoods but also the local economies where these shops operate.