Paddy Power Could Close 100 Shops and Cut 400 Jobs Amid Labour's Betting Tax Increases

PADDY Power bosses face closing up to 100 stores with the loss of four hundred jobs blaming damaging tax hikes on the sector.

The move comes on the back of planning to close 132 shops and and 888 owner Evoke shutting 270 stores.

Shadow Sport Minister Louie French said: “Labour’s morality police and economic incompetence continue to destroy high street jobs every week.

“We warned the Government this would be the consequence of their disastrous policies and it is consumers, sports and workers who will pay the price.

The rise of the online illegal black market and decline in regulated businesses is a lose, lose situation for Government and UK sport.”

Blame for the pending closures in the UK was also laid at rising costs with firms hit by added national insurance contributions and rising bills.

The firm has not said how many closures there would be across the two countries.

“The sector repeatedly warned that higher taxes would lead to shop closures, job losses and less investment, and sadly that is exactly what we are now seeing.

A spokesperson from Flutter UK and Ireland, which owns , said its high street estate remains a key part of its business across the UK and Ireland.

They added: “Unfortunately, we have had to take the extremely difficult decision to conduct this review.

“The high street trading environment has been challenging for a number of years given rising costs, fierce competition, economic uncertainty and the shift to online but we also face a material impact from the higher taxes announced in last year’s UK Budget.”

A government spokesperson said: “The gambling sector is supported by a stable economy and it must contribute to public services.

“Gambling duty reforms will raise around £1 billion a year to help fund the government’s priorities, including support with the .

“We are also providing millions in additional funding to Gambling Commission to strengthen enforcement and tackle illegal gambling.”