Global betting giant bet365 has confirmed plans to cut around 340 jobs across the UK, Malta and Gibraltar in response to increased tax and regulatory costs. The UK bookmaker and online casino, which operates across much of Europe as well as the likes of the USA, Brazil and Australia, has been subjected to the increase in remote gaming duty from 21% to 40%, while a new remote betting duty – which will raise the effective tax rate on all sports betting products from 15% to 25% - is set to be introduced in 2027. Bet365 attributed the cuts to a “highly competitive trading environment, plus increased regulatory and tax-related costs”, reports iGaming Business. Roughly 3% of the company’s workforce will be affected, with the cuts set to be made across offices in Malta, Gibraltar and Stoke-on-Trent. The head office in Stoke currently employs around 5,500 people, reports the BBC. In a statement, a bet365 spokesperson emphasised that the cuts were being made to “secure the business's long-term future”, while the company was doing all it can to limit job losses and support those affected.“We are committed to minimising the impact on our people and are exploring all avenues to reduce the number of redundancies,” said the statement. “As a first step, we are planning a programme of voluntary redundancies. “Our colleagues are our priority. We understand the concerns many will have. Impacted staff have been informed and are being fully supported throughout this process,” the statement added. The cuts are the latest action taken by UK-based gambling company’s in the wake of proposed tax increases and further regulatory costs, with William Hill owner Evoke confirming the closure of around 270 betting shops in April.