Britain's Richest Woman Announces 340 Job Cuts at Bet365 as Firm Hit by Higher Taxes and Regulatory Costs

Britain's richest woman, Denise Coates, is facing fresh scrutiny after bet365 announced plans to reduce its workforce by around 340 roles, with the gambling giant citing higher tax and regulatory costs alongside a highly competitive trading environment.

The announcement comes after Coates received a £104 million salary for the financial year ending March 2025, creating a striking contrast as hundreds of bet365 workers now face redundancy.

Bet365 Job Cuts Hit Stoke-on-Trent

Around 300 of the affected roles are expected to be at bet365's headquarters in Stoke-on-Trent, where the company employs about 5,500 people. A further 40 roles are affected at its offices in Malta and Gibraltar.

The planned reductions represent roughly 3% of bet365's workforce. The company says the restructuring will take place across its European hubs as it reviews its operations and seeks to protect the business's long-term future.

Importantly, the 340 figure does not necessarily mean 340 compulsory redundancies. Bet365 says it is exploring ways to reduce the number of redundancies and will begin with a programme of voluntary departures. Affected employees have already been informed and are being supported through the process.

Denise Coates' £104 Million Salary

The Bet365 job cuts have inevitably brought Coates' remarkable remuneration back into focus.

Companies House accounts for the year to March 2025 showed that Coates received a £104 million salary. Bet365 also declared £353.6 million in dividends, with Coates entitled to a majority share, taking her reported income from salary and dividends to at least £280 million.

Bet365's financial results were mixed during the same period. Turnover rose to around £4 billion, while pre-tax profit fell from £627 million to £349 million.

There is no evidence that Coates' remuneration caused the redundancies. The significance of the figures is the contrast: Coates' extraordinary earnings sit alongside an announcement affecting hundreds of people employed by the business she leads.

Higher Taxes Add to the Pressure

Bet365 has not blamed taxation alone.

A company spokesperson said it was facing a 'highly competitive trading environment' as well as increased regulatory and tax-related costs. The firm said those pressures had prompted a restructuring of some locations.

The tax backdrop is significant. Remote Gaming Duty, which applies to online gaming, rose from 21% to 40% in April 2026. A separate increase in the duty on most online sports betting, from 15% to 25%, is due in April 2027, with horseracing treated separately.

That makes the Bet365 redundancies part of a much wider argument over how Britain's gambling industry will absorb higher taxes while remaining competitive.

Stoke-on-Trent Faces the Biggest Impact

The local consequences are particularly significant because bet365 is one of Stoke-on-Trent's biggest employers.

Labour MP Gareth Snell, who represents Stoke-on-Trent Central, has previously warned about the potential employment impact of higher gambling taxes.

The Betting and Gaming Council has also seized on the announcement as evidence that higher taxes are already affecting employment and investment across the regulated gambling sector. Chief executive Grainne Hurst called the cuts further evidence of the 'real-world consequences' of the tax increases.

The industry's warnings, however, are contested. The Institute for Public Policy Research has argued that employment effects from the tax rises should be limited and previously described the Betting and Gaming Council's estimate of up to 40,000 potential job losses as overstated.

Bet365 Is Not Alone

Bet365 is now the latest of the UK's five largest gambling operators to announce workforce reductions since the tax increase.

Entain, which owns Ladbrokes and Coral, has announced hundreds of redundancies, while Betfred has confirmed shop closures. Flutter Entertainment, which operates brands including Paddy Power, has also warned that hundreds of roles could potentially be affected by shop reviews.

The difference with bet365 is that the company operates predominantly online, meaning its cuts are concentrated in corporate and operational roles rather than in a large network of betting shops.

What Happens Next?

For now, bet365 says its priority is to minimise compulsory redundancies through voluntary departures and other measures.

The 340-role reduction therefore represents the scale of the restructuring announced, not necessarily the final number of employees who will be forced out.

But the significance of the announcement is already clear. A company controlled by one of Britain's wealthiest business figures is cutting hundreds of roles while confronting a tougher tax and regulatory environment.

For bet365 workers in Stoke-on-Trent, Malta, and Gibraltar, the issue is no longer simply how much Britain's richest woman earns. It is whether the company's latest restructuring will be enough to navigate the increasingly expensive and competitive gambling market.