News That Matters

Tag: 4500

Betfred to axe 4,500 jobs after FOBT stake cut

Betfred to axe 4,500 jobs after FOBT stake cut

Business
The bookmaker which owns The Tote will axe more than 4,500 jobs if the Government implements plans to slash maximum stakes on gambling machines to just £2. Sky News has learnt that Betfred has told ministers that almost 900 of its shops - more than half its UK estate - will become loss-making overnight if they press ahead with reforms to Fixed Odds Betting Terminals (FOBTs).In a letter to members of the home affairs sub-committee, Mark Stebbings, Betfred's managing director, warned that "much upset and heartache will go into having to make…redundant" close to 4,500 people who work in the potentially loss-making betting shops.Sources said that several hundred staff at the company's Warrington headquarters were also likely to be made redundant if the £2 move ...