Betfred Owners Take £30m Dividend Amid Betting Shop Closure Warnings

Betfred's most recent accounts show that owners received a £30 million dividend last financial year. This comes despite warnings from the bookmaker that proposed gambling tax increases could force hundreds of betting shops to close.

New accounts filed at Companies House on 12 October show that the gambling operator generated almost £1 billion in revenue during the financial year ending 29 March 2026.

The company recorded a pre-tax profit of approximately £64 million. Of this, £30 million was distributed to shareholders, primarily trusts benefiting the Done family.

The figures emerged as Betfred founder Fred Done joined other senior gambling industry executives in urging Chancellor John Healey to reconsider potential increases to Machine Games Duty (MGD).

The industry has warned that the rumoured tax rise could threaten almost 16,000 jobs and lead to widespread betting shop and casino closures.

It is important to remember though, Betfred's latest financial results relate to a period before the proposed MGD increase. This means they do not reflect the potential impact of any changes announced in the Autumn Budget on 28 October.

Betfred Reports Almost £1bn Revenue

According to Betfred Group Holdings' latest accounts, the bookmaker generated approximately £995.6 million in revenue during the 52 weeks ending 29 March 2026.

The business reported a gross profit of around £720 million, alongside pre-tax profits of approximately £64 million and post-tax profits of £39.6 million.

Its £30 million shareholder dividend brings the total distributed since 2022 to more than £105 million.

The company's financial performance also reflects its substantial contribution to the Treasury through gambling taxes.

Betfred paid approximately £54 million in Machine Games Duty during the reporting period. Fred Done has previously said that his family paid approximately £400 million in taxes over the past year, including taxes generated by their various businesses.

While the accounts certainly demonstrate Betfred's profitability at group level, the bookmaker maintains that further gambling tax increases could threaten the viability of individual betting shops.

Betfred Joins Industry Warning Over Gambling Tax Rises

On 14 October, the Betting and Gaming Council published details of a letter to Chancellor John Healey. This was signed by senior executives from Betfred, Entain, Flutter, bet365, Bally's Corporation and evoke.

The letter urged the government to rule out further gambling duty increases in the upcoming Budget, in particular the potential doubling of Machine Games Duty from 20% to 40%. The BGC also called for the government to pause the planned increase in General Betting Duty.

According to research commissioned by the industry and conducted by EY, an MGD increase to 40% could result in:

• The closure of between 690 and 1,470 betting shops.
• The closure of 28 to 34 casinos.
• Between 11,600 and 15,900 jobs lost.
• The Treasury £124 million worse off.

The potential consequences for younger employees are particularly significant, with many betting shops providing entry-level and part-time employment.

Can Betfred Remain Profitable While Betting Shops Close?

The contrast between Betfred's £30 million dividend and its warnings about potential closures raises questions about how gambling tax increases would truly affect the business.

Profitability across a gambling group does not necessarily mean that every betting shop is financially sustainable.

Machine Games Duty is charged on the net takings from gaming machines, rather than a bookmaker's overall profits. Increasing the rate would therefore directly reduce the revenue, assuming customer spending remains unchanged.

A betting shop generating only a modest profit could consequently become unprofitable following a substantial increase in MGD.

The latest industry warnings also come after the government increased Remote Gaming Duty from 21% to 40% in April 2026. There’s a further rise in online General Betting Duty to 25% scheduled for April 2027.

For Betfred and other operators with both online and retail businesses, the combined effect of these changes could be significant.