Betfred has announced a pre-tax profit of £64 million for the financial year ending March 29, 2026. This profit highlights the significant role of retail sales, which accounted for more than half of the company’s total turnover.
In filings with Companies House, Betfred reported these figures for its 52-week accounting period, noticeably shorter than the previous year’s 78 weeks, complicating year-over-year comparisons due to the differing duration of the periods.
The company faced exceptional charges amounting to £7.1 million, which included £4.6 million related to costs from unsuccessful acquisition attempts. Additionally, challenges surrounding Betfred’s departure from the American market contributed to these exceptional expenses.
Retail turnover was substantial, generating £544 million, while online sales reached £451.7 million in the reporting period. After accounting for gambling taxes, gaming taxes on machines, and other operational expenses, Betfred disclosed a gross profit of £720 million.
The tax liabilities included a betting tax of £147.4 million, gaming tax on machines of £54.5 million, gambling duty of £18.6 million, and commission costs amounting to £55.1 million. Operating profit for the year was reported at £74.1 million, leading to the pre-tax profit of £64 million. The company recorded a profit of £39.6 million after tax, which stood at £24.4 million, with comprehensive revenue totaling £48.7 million. This figure included a £9.5 million positive effect from foreign exchange.
It's important to note that these results do not incorporate the increased tax rates on betting operations implemented in April 2026.
In July, Betfred announced plans to close 132 betting shops throughout the UK, which constitutes about 10% of its retail network. This move is expected to result in the loss of around 600 jobs. Fred Done of Betfred cautioned that the recent tax hike could threaten the company's viability in the UK market.
