Betfred files final annual report ahead of UK tax shake-up

Betfred reported turnover of £995.6m for the 52 weeks to 29 March 2026, according to a Companies House filing cited by SBC News.

Gross profit came in at £720m, while profit after tax fell to £39.6m. Both figures mark sharp declines from the prior year's £1.07bn turnover and £128.8m profit after tax, though SBC News noted the comparison is distorted because that previous reporting period ran for 78 weeks rather than 52.

The filing is the last Betfred will submit before a significant shift in the UK gambling tax regime. Founder Fred Done, who remains chairman after stepping down as chief executive in 2021, has warned that a rumoured doubling of Machine Games Duty would end the UK retail betting sector by 2030, SBC News reported.

Retail gambling turnover across Betfred's shop estate totalled £544m, generated from 1,293 outlets, down from 1,351 the year before. A further 132 shop closures were confirmed in July, putting up to 600 jobs at risk.

The reduction reflects a broader retreat from the high street that has intensified since Remote Gaming Duty rose from 21% to 40% in April. Flutter Entertainment's Paddy Power, Entain's Ladbrokes and evoke's William Hill have all announced shop closures since that increase took effect.

Online turnover reached £451.7m for the 52-week period, down from £563.6m in the longer 78-week comparator but well above the £197m recorded in the 2022/23 financial year, underlining the pace of Betfred's shift towards digital channels.

Capitalised development costs totalled £110.4m, with a further £22.1m spent on research and development aimed at improving software, data analytics and mobile capabilities.

Employee costs rose by £19.2m on a like-for-like 12-month basis despite headcount falling from 9,622 to 9,463. Betfred attributed the rise to increases in the National Minimum Wage and employers' National Insurance contributions.

The 2025 Autumn Budget also set out a rise in General Betting Duty from 15% to 25%, due to take effect on 1 April 2027, adding to the pressure on the wider sector.

Betfred has already cut its headline sponsorship of rugby league's Super League, and Done has said sponsorship of all five British Classics horse races would be withdrawn should Machine Games Duty double.

Betfred marks its 60th anniversary next year. Given the current trading climate, SBC News suggested those celebrations may prove more subdued than they might once have been.