He added: "Once the [UK] industry is closed down, it's gone. People will still bet, but they'll bet offshore with it. There's plenty of bookmakers offshore who happen to take the bets, who don't pay anything to this country."
Gambling winnings in the UK are not taxed, and VAT is not charged on bets, but the industry does pay extra taxes on online stakes, sports fixtures and betting duties.
Done shared that the recent increases in National Insurance Contributions (NICs) and the minimum wage has already cost him an extra £20 million.
He explained that much like the retail industry, customers are going online to meet their needs, making his high street presence expensive and redundant.
Paddy Power may also face having to shut dozens of betting shops across the UK and Ireland
PA Wire
Betfred’s competitor, Paddy Power, said on Thursday it would close 57 shops across the UK and Ireland due to increasing pressures and market challenges.
Records show that last year, Betfred made almost £1 billion in revenue, but an operating profit of just £500,000 after several writedowns on its assets.
Critics highlight the social and financial damage of gambling, which cost an excess of £1-1.77 billion in external costs in 2023, according to the Office for Health Improvement and Disparities.
According to Professor Ashwin Kumar, director of research and policy at the IPPR, higher taxes are needed to discourage people from gambling.
He said: "We know that most of the profits made by gambling companies come from a very small number of gamblers, many of whom are at risk of serious harm. And so we think that the duties should be higher, just like tobacco and alcohol."
Charity GambleAware warned of the dangers of gambling on children and young people, saying "further regulation" was needed to raise awareness about the risks.
Mr Done claims that high street betting shops ensure safeguards are in place, as well as tax revenues, in a way which online and offshore competitors do not.
But Mr Done is not confident that his appeal will sway the chancellor, and said "we're 10 to one against", implying that he expects betting shops to close.
A HM Treasury spokesperson said: "We do not comment on speculation around future changes to tax policy."
