Betfred has announced its turnover for the 2025/26 financial year reached £995.6 million, as detailed in its recent Companies House filing. This figure represents a decline from £1.5 billion reported in the prior period, although it is important to note that the two financial years are not directly comparable.
The current report covers the 52 weeks ending March 29, 2026, compared to the previous period, which spanned 78 weeks, concluding on March 30, 2025. The company shifted its financial year-end from September to March last year.
For the 12-month period, retail operations contributed 55% of total turnover, while online operations made up the remaining 45%. This marks a notable shift from the previous year when retail accounted for 61% of overall turnover, indicating a narrowing of the split between the two segments.
When adjusted for the differing time frames, group turnover grew by £23.3 million on a like-for-like basis. Betfred attributed this increase to heightened marketing expenditures aimed at boosting market share and attracting new customers.
In terms of financial performance, gross profit for the 52-week period was reported at £719.9 million, and operating profit was £74.1 million. This operating profit figure includes a one-time charge of £4.6 million attributed to "aborted acquisition costs." The company's EBITDA stood at £140.6 million for the period.
Management chose not to disclose a geographical breakdown of earnings, stating that it would be "severely prejudicial to the interests of the group."
Regarding expenditures, Betfred reported exceptional charges totaling £7.1 million for the financial year, including costs related to the aborted acquisition and £801,000 in closure costs for a foreign subsidiary linked to its US operations, which were wound down during the 2023-24 financial year. In 2024, Betfred confirmed it sold its Spanish online business, realizing a profit of £1.6 million from the transaction.
Employee costs rose by £19.2 million on a like-for-like basis, primarily due to the increase in the national minimum wage, despite a slight decrease in employee numbers; total staff fell to 7,795 from 7,872 the previous year.
The reported figures do not account for the increased Remote Gaming Duty in the UK, which took effect in April this year. Betfred's total tax contributions also declined during 2025/26, with the tax bill totaling £24.4 million, compared to £59.8 million the year before. However, the report highlighted unrecognized deferred tax assets up to £7 million.
Betfred's founder, Fred Done, has expressed concerns over the potential effects of upcoming UK gambling tax increases. He projected that a proposed doubling of Machine Gaming Duty could result in the closure of 495 shops within a year, leading to 2,575 job losses and an estimated £67 million in lost tax revenue for the Exchequer.
In August, Betfred indicated it was contemplating shutting down as many as 132 betting shops in the UK as part of efforts to address the impacts of rising UK gambling taxes.
