Betfred recently disclosed its turnover for the 2025/26 financial year reached £995.6 million, based on its latest filing with Companies House. This figure represents a significant decline from the previous period's £1.5 billion; however, the financial year comparisons are misleading due to changes in reporting periods.
The reported 52-week period ended on 29 March 2026, while the prior year spanned 78 weeks ending 30 March 2025. Betfred modified its fiscal year-end from September to March last year.
During this year, retail operations contributed 55% of total turnover, while online channels accounted for 45%. This is a shift from the previous year, where retail's share stood at 61%, indicating a narrowing split between these sectors.
Taking these changes into account, the report reveals that group turnover increased by £23.3 million on a like-for-like basis over the prior year, partially due to heightened marketing expenditures aimed at boosting market share and attracting new customers.
The gross profit for the 52-week period was reported at £719.9 million, with an operating profit reaching £74.1 million; this figure includes a one-off charge of £4.6 million attributed to "aborted acquisition costs." The EBITDA for the period amounted to £140.6 million.
Management opted not to provide a geographical breakdown of earnings, citing concerns that it would be "severely prejudicial to the interests of the group."
Betfred also reported extraordinary charges totaling £7.1 million for the financial year. This included costs related to an aborted acquisition and £801,000 tied to the closure of a foreign subsidiary, part of the group’s US operations, which were phased out during the 2023-24 financial year.
In 2024, Betfred confirmed it had sold its Spanish online business and realized a profit of £1.6 million from that transaction.
Employee costs increased by £19.2 million on a like-for-like basis, largely due to rises in the national minimum wage, even though the number of employees fell to 7,795 from 7,872 over the year.
It's important to note that this reporting period does not reflect the higher Remote Gaming Duty introduced in the UK in April this year. Overall, the company reported a reduced tax contribution of £24.4 million, down from £59.8 million last year, alongside unrecognized deferred tax assets of up to £7 million.
Fred Done, the founder of Betfred, has publicly expressed concerns regarding the expected ramifications of various UK gambling tax increases, including a remote betting tax scheduled for April 2027 and a potential rise in Machine Gaming Duty anticipated in the government's forthcoming autumn budget. Recently, he told the Financial Times that a doubling of the MGD could force Betfred to close 495 shops within a year, resulting in the loss of 2,575 jobs and approximately £67 million in lost tax revenue for the Exchequer.
In August, the operator indicated it might close up to 132 betting shops in the UK as part of efforts to address the financial impact of increased UK gambling taxes.
