Betfred reported a pre-tax profit of £64 million ($84.59 million) for the 2025-26 financial year, as the bookmaker faces higher gambling taxes in the UK that have prompted plans to close betting shops, reduce spending and withdraw from a major sports sponsorship agreement.
The company has confirmed plans to close 132 betting shops across the UK, representing approximately 10% of its retail network, with around 600 jobs expected to be lost. Company owner Fred Done previously warned that the bookmaker could close its entire UK betting shop network because of the higher tax burden.
The company has also considered entering the adult gaming center market, according to NEXT.io, although no such move has materialized.
The financial results, disclosed in accounts filed with Companies House, cover the 52 weeks ended March 29, 2026. The preceding financial period covered 78 weeks, meaning the headline figures cannot be directly compared.
Betfred generated £720 million ($951.62 million) in gross profit and £74.1 million ($97.94 million) in operating profit during the reporting period. After accounting for £24.4 million in tax, the company recorded a profit of £39.6 million ($52.34 million). A positive foreign exchange difference of £9.5 million brought total comprehensive profit to £48.7 million ($64.37 million).
The bookmaker’s financial performance was supported primarily by its retail business, which generated £544 million ($719 million) in turnover, compared with £451.7 million ($597 million) from online gambling. Retail operations accounted for approximately 55% of total turnover, while online operations contributed the remaining 45%, with combined turnover falling just below £1 billion ($1.32 billion).
The company recorded deductions from turnover comprising £147.4 million ($194.82 million) in betting duty, £54.5 million ($72 million) in machine gaming duty, £18.6 million ($24.58 million) in statutory betting duty and £55.1 million ($72.83 million) in commission.
The financial statements also reflected costs associated with Betfred’s continued withdrawal from its US businesses. The group reported £7.1 million ($9.38 million) in exceptional costs, including £4.6 million ($6 million) related to aborted acquisitions.
The reporting period ended before the latest UK gambling tax increases took effect. Remote Gaming Duty rose from 21% to 40% at the beginning of April 2026, while a new 25% General Betting Duty rate is scheduled to take effect next year. The latter will exclude self-service betting terminals, spread betting, pool betting and horse racing.
Although the financial impact of these changes has yet to appear in Betfred’s reported results, the company has already adjusted its operations and spending in response to the higher tax rates. The changes have extended to sports sponsorship. Betfred confirmed last month that it would end its long-running sponsorship of rugby league’s Super League at the conclusion of the 2026 season.
Done attributed the decision to a combination of increased gambling taxes and wage inflation, saying the Warrington-founded bookmaker had been forced to reduce expenditure following the tax increases.