Betfred’s retail operations accounted for 55% of total turnover during the 12-month period ending 29 March 2026, down from 61% the previous year, as the operator’s online vertical continues to narrow the gap between its two core business channels.
The UK operator reported turnover of £995.6 million for the 2025/26 financial year, according to its latest Companies House filing. While this represents a decline from £1.5 billion in the previous period, the company noted the periods are not directly comparable due to a change in year-end date from September to March, with the prior period covering 78 weeks versus 52 weeks in the current reporting cycle.
On a like-for-like basis, group turnover increased by £23.3 million for the 12-month period, driven in part by increased marketing expenses aimed at growing market share and attracting new customers.
Financial Performance and One-Off Costs
Gross profit for the 52-week period reached £719.9 million, while operating profit hit £74.1 million. The operating profit figure included a one-off charge of £4.6 million in “aborted acquisition costs.” EBITDA for the period stood at £140.6 million.
Exceptional charges totalled £7.1 million, including the aborted acquisition and £801,000 in closure costs relating to a foreign subsidiary connected to the group’s US business, which was wound down during the 2023-24 financial year. The company also confirmed it had disposed of its Spanish online business in 2024, generating a £1.6 million profit from the transaction.
Employee costs increased by £19.2 million on a like-for-like basis, attributed to increases in the national minimum wage, despite the total workforce decreasing slightly from 7,872 to 7,795 employees.
Tax Contributions and Future Concerns
The company’s tax bill for 2025/26 totalled £24.4 million, down significantly from £59.8 million the previous year. The report also noted unrecognised deferred tax assets of up to £7 million.
Notably, the reported period does not include the impact of the increased Remote Gaming Duty in the UK, which came into force in April 2026.
Regulatory Pressure and Shop Closure Warnings
Betfred founder Fred Done has been vocal about the expected impact of various UK gambling tax increases. He recently told the Financial Times that doubling Machine Gaming Duty would lead to Betfred closing 495 shops within a year, resulting in the loss of 2,575 jobs and approximately £67 million in foregone tax revenue for the Exchequer.
In August, the operator said it was considering closing up to 132 bookmakers in the UK as part of a consultation to mitigate the impact of UK gambling tax hikes, including the pending remote betting tax scheduled for April 2027 and a possible increase in Machine Gaming Duty that could be announced in the government’s upcoming Autumn Budget.
Management declined to present a geographical split of earnings for the period, stating this would be “severely prejudicial to the interests of the group.”
