UK high-street betting giant Betfred is planning to close around one-in-10 of its betting shops as leadership cites difficult fiscal and regulatory conditions.

The closures are a result of various factors, including increases in gambling taxes and challenging economic circumstances, according to Jo Whittaker, Betfred’s CEO. Sky News reported that Betfred will be shutting down a portion of its 1,200-strong retail portfolio to adapt to the changing landscape.