Betfred has reported a pre-tax profit of £64 million ($84.59 million) for the 52 weeks ending March 29, 2026. The results, filed with Companies House, come as the bookmaker prepares for higher gambling taxes in the UK, prompting significant operational changes, including betting shop closures and reduced sponsorship commitments.
Major Retail Restructuring and Job Losses
The company confirmed plans to close 132 betting shops across the UK, representing roughly 10% of its retail network. This move is expected to result in the loss of around 600 jobs. Betfred's owner, Fred Done, had previously indicated that such measures were under consideration due to the increasing tax burden on betting operators.
Financial Performance Driven by Retail
Betfred's financial results show that its retail operations remain the backbone of its business, generating £544 million ($719 million) in turnover—accounting for about 55% of the company's total. Online gambling contributed £451.7 million ($597 million), making up the remaining 45%. The combined turnover from both segments was just under £1 billion ($1.32 billion). After deductions for various duties and commissions, Betfred recorded a post-tax profit of £39.6 million ($52.34 million). The group also reported exceptional costs linked to its withdrawal from US markets and aborted acquisitions.
Impact of UK Gambling Tax Increases
The reported period ended before the latest UK gambling tax hikes took effect. Remote Gaming Duty increased from 21% to 40% in April 2026, with a new 25% General Betting Duty scheduled for next year. While these changes are not yet reflected in the reported figures, Betfred has already begun adjusting its operations in anticipation. The company has also confirmed it will end its sponsorship of rugby league's Super League after the 2026 season, citing the need to reduce expenditure due to increased taxes and wage inflation.
Why This Matters for the Industry
Betfred's response to higher UK gambling taxes highlights the pressure operators face in a changing regulatory landscape. The closure of 132 shops and reduced sponsorship spending signal a shift in how betting companies allocate resources under tighter margins. For affiliates and suppliers, these changes may affect partnership opportunities and marketing budgets. Regulators and policymakers will likely monitor the industry's response as they assess the broader impact of tax increases on employment and retail presence.
Key takeaways
- Betfred reported a £64 million pre-tax profit for the 2025-26 financial year.
- The bookmaker plans to close 132 UK betting shops, resulting in around 600 job losses.
- Operational changes are driven by upcoming increases in UK gambling taxes.
- Betfred will end its Super League sponsorship after the 2026 season to reduce spending.