Betfred recorded turnover of £995.6 million in the 2025/26 financial year, with online operations taking a larger share of the business as the gap between digital and retail narrowed. The reported total was below the £1.5 billion recorded in the prior filing, but the periods were not directly comparable.
The latest Companies House filing covers the 52 weeks to 29 March 2026. The comparative period ran for 78 weeks, ending 30 March 2025, after Betfred changed its financial year-end from September to March last year. On a like-for-like basis, group turnover increased by £23.3 million over 12 months.
Retail generated 55% of turnover in the latest period, against 45% for online. In the previous reporting period, retail accounted for 61% of the total. Betfred said higher marketing expenses were part of efforts “to increase market share and attract new customers”.
Profit and costs
Gross profit for the 52 weeks was £719.9 million, while operating profit was £74.1 million. Operating profit included a one-off £4.6 million charge for “aborted acquisition costs”. EBITDA was £140.6 million.
Exceptional charges totalled £7.1 million, including the aborted acquisition and £801,000 in costs to close a foreign subsidiary connected to Betfred’s US business. The group wound down that business during its 2023-24 financial year. Betfred also confirmed it sold its Spanish online business in 2024, generating a £1.6 million profit.
Employee costs rose by £19.2 million on a like-for-like basis, which the company attributed to an increase in the national minimum wage. The workforce fell slightly, from 7,872 to 7,795. Management said it would not provide a geographical breakdown of earnings, arguing that disclosure would be “severely prejudicial to the interests of the group”.
Tax changes ahead
Betfred’s reported period ended before the higher UK Remote Gaming Duty took effect in April 2026. The company’s tax bill was £24.4 million, down from £59.8 million in the previous period; the filing also included unrecognised deferred tax assets of up to £7 million.
Founder Fred Done has warned of the potential effect of further tax increases. He said recently that doubling Machine Gaming Duty would lead Betfred to close 495 shops within a year, costing 2,575 jobs and about £67 million in tax revenue for the Exchequer. A possible increase in the duty could be announced in the government’s upcoming Autumn Budget, while a remote betting tax is due in April 2027.
In August, Betfred said it was considering closing up to 132 UK betting shops as part of a consultation on mitigating the impact of gambling tax rises.
