Betfred has announced that its turnover for the financial year ending March 29, 2026, reached £995.6 million, a decline from £1.5 billion in the previous period. However, it's important to note that these periods are not directly comparable due to changes in the financial reporting structure.
The current reporting period covers 52 weeks, while the previous year’s figures spanned 78 weeks, reflecting Betfred’s shift in its year-end date from September to March last year.
In this latest report, retail operations contributed 55% of the total turnover, with online operations making up the remaining 45%. This marks a notable change from the previous year, where retail’s contribution was 61%. As a result, the gap between retail and online revenue has narrowed. The report indicated an increase of £23.3 million in group turnover on a like-for-like basis over the year.
This growth was partially driven by a rise in marketing expenses aimed at capturing market share and attracting new customers.
For the 52-week period, Betfred reported a gross profit of £719.9 million and an operating profit of £74.1 million. This figure included a one-time charge of £4.6 million classified as 'aborted acquisition costs'. The company’s EBITDA for this period was recorded at £140.6 million.
Management chose not to disclose a geographic breakdown of earnings, stating that doing so could significantly harm the interests of the group.
The financial report detailed exceptional charges totaling £7.1 million, which included the aborted acquisition expenses and an £801,000 charge related to the closure of a foreign subsidiary tied to the group’s US operations, which were ceased in the 2023-24 financial year. Betfred confirmed it had sold its Spanish online business in 2024 and realized a profit of £1.6 million from that transaction.
Despite a decrease in employee numbers, which fell to 7,795 from 7,872, employee costs rose by £19.2 million on a like-for-like basis, influenced by an increase in the national minimum wage.
The reported turnover period does not reflect the higher Remote Gaming Duty in the UK that became effective in April this year. Overall, the company's tax contributions for the 2025/26 period were lower, amounting to £24.4 million compared to £59.8 million the previous year. Still, the report indicated potential unrecognized deferred tax assets of up to £7 million.
Fred Done, Betfred’s founder, has expressed significant concern over the potential effects of various tax increases on the UK gambling sector. He highlighted the impending remote betting tax set for April 2027 and a possible increase in Machine Gaming Duty, which may be revealed in the government's forthcoming Autumn Budget.
Recently, Done stated that doubling the Machine Gaming Duty could lead to the closure of 495 Betfred shops in a single year, resulting in 2,575 job losses and around £67 million in lost tax revenue for the government. In August, the operator also indicated it was contemplating the closure of up to 132 betting shops across the UK as part of a strategy to offset the financial strain from tax hikes.
