Betfred has announced that its turnover for the financial year ending March 29, 2026, reached £995.6 million, a significant decline from the £1.5 billion reported in the previous period. However, this decrease must be viewed in context, as the prior year's data covered a longer span of 78 weeks ending March 30, 2025, following a shift in year-end from September to March last year.
In the latest report, retail operations contributed 55% of overall turnover, while online betting made up 45%. This reflects a notable shift, as retail constituted 61% of total earnings in the previous financial period, indicating a narrowing gap between the two segments.
On a like-for-like basis, group turnover actually increased by £23.3 million for the year, attributed in part to heightened marketing efforts aimed at gaining market share and attracting new customers.
The gross profit for the 52-week period totaled £719.9 million, with operating profit reported at £74.1 million. This figure includes a one-off charge of £4.6 million linked to aborted acquisition costs. Betfred's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached £140.6 million.
Management chose not to disclose a geographical breakdown of earnings, stating that doing so could be detrimental to the group's interests. The total expenses for the year included exceptional charges totaling £7.1 million, which encompassed costs from the aborted acquisition and an £801,000 charge related to the winding down of a US subsidiary during the 2023-24 financial year.
In 2024, Betfred confirmed it sold its Spanish online operations, resulting in a profit of £1.6 million from the sale. Employee costs rose by £19.2 million, primarily due to the national minimum wage increase, even as the workforce shrank slightly from 7,872 to 7,795 employees over the year.
Additionally, the recent financial report does not account for the Remote Gaming Duty increase that took effect in April 2026. Betfred's overall tax contributions during the 2025/26 period were lower, amounting to £24.4 million compared to £59.8 million in the previous year, although unrecognized deferred tax assets could reach £7 million.
Fred Done, Betfred's founder, has expressed concerns regarding the anticipated impact of increasing UK gambling taxes, including a projected remote betting tax set to commence in April 2027 and potential hikes in Machine Gaming Duty expected in the upcoming Autumn Budget. Recently, Done warned the Financial Times that a doubling of Machine Gaming Duty could force Betfred to shut down 495 stores, leading to the loss of 2,575 jobs and a £67 million drop in tax revenue for the Exchequer.
In August, the company indicated it might close up to 132 betting shops in the UK as part of a plan to address the financial repercussions of impending UK gambling tax increases.
