Betfred has disclosed its turnover for the financial year 2025/26, which reached £995.6 million, according to a recent report filed with Companies House. This figure indicates a decrease from £1.5 billion reported in the prior accounting period. However, the years are not entirely comparable as the latest period covers 52 weeks ending on March 29, 2026, while the previous period spanned 78 weeks ending March 30, 2025. This change arises from Betfred's decision to shift its year-end from September to March last year.
In terms of revenue distribution, retail operations contributed 55% to overall turnover, while online activities accounted for 45%. In comparison, retail had formed 61% of the total in the previous year, reflecting a narrowing of the division between sectors.
After adjusting for these differences, the report indicated that the group's turnover rose by £23.3 million on a like-for-like basis over the year. Increased marketing spending aimed at bolstering market share and attracting new clients was identified as a contributing factor to this growth.
Gross profit for the reported period totaled £719.9 million, and operating profit stood at £74.1 million, which included a one-time charge of £4.6 million related to "aborted acquisition costs." The EBITDA for the year was recorded at £140.6 million.
Betfred did not disclose a geographical breakdown of earnings, citing concerns that it would be adverse to the group's interests. On the expenses side, the company reported exceptional charges totaling £7.1 million, comprising the aborted acquisition costs and £801,000 linked to the closure of a foreign subsidiary tied to its US operations, which were discontinued during the 2023-24 financial year.
The company also confirmed the sale of its Spanish online business in 2024, which resulted in a profit of £1.6 million. Despite a slight reduction in workforce from 7,872 to 7,795 employees, total employee costs rose by £19.2 million on a like-for-like basis, primarily due to the national minimum wage increase.
Significantly, the 2025/26 reporting period does not reflect the increased Remote Gaming Duty in the UK that took effect in April 2026. As a result, Betfred's tax contributions for the year were lower than in the previous period. The tax bill was reported at £24.4 million, compared to £59.8 million the prior year. The report also mentioned unrecognized deferred tax assets amounting to £7 million.
Fred Done, the founder of Betfred, has expressed strong concerns about the impacts of impending UK gambling tax increases. He highlighted that a doubling of the Machine Gaming Duty (MGD) could force Betfred to shut down 495 shops within a year, leading to an estimated loss of 2,575 jobs and around £67 million in tax revenue for the government. In August, Betfred announced it might close as many as 132 betting shops across the UK as part of a consultation aimed at addressing the effects of rising gambling taxes.
