Betfred has reported revenue of £995.6m for the 52-week period ending 29 March 2026, while the Warrington-based bookmaker’s post-tax profit slipped to £39.6m.
In the group’s latest filings with Companies House, gross profit hit £720m, while operating profit amounted to £74.1m.
Betfred’s previous filing with Companies House was for a 78-week period ending on 30 March 2025. The firm pointed out “comparative amounts may not be entirely comparable”.
During the 78-week period, revenue was just shy of £1.5bn, gross profit amounted to almost £1.1bn and operating profit hit £209.7m. Post-tax profit in the previous reporting period was £128.8m.
Betfred said it had been a ramping up marketing linked to its online operations as a means to “increase market share and attract new customers”.
Bosses noted that while this had increased costs, the investment had translated into a revenue increase of £23.3m on a like-for-like basis for an adjusted 12-month period. Of the £995.6m revenue total, £451.6m, or around 45%, came from Betfred’s digital arm.
The company said that as of 29 March 2026, £110.4m worth of development costs had been poured into revamping the online platform.
The platform went live in December 2023, and all UK customers were migrated at the start of 2024.
Post-migration, Betfred absorbed Manchester-based tech agency Sharp Gaming, which was rebranded to Betfred Technology. Sharp Gaming boss Andrew Daniels was named chief information officer of Betfred.
The latest 52-week period also included £4.6m in “aborted acquisition costs” on the P&L, though management did not disclose what deals the costs were linked to.
Taxing issues
The reporting period cut off a few days prior to remote gaming duty leaping from 21% to 40% on 1 April 2026.
However, bosses confirmed “the impact of gaming tax increases from April 2026 and sports betting tax increases from April 2027 have been factored into the forecasts”.
General betting duty is due to increase from 15% to 25% in April next year. Concerns are swirling ahead of this October’s Autumn Budget that machine games duty could also jump.
The Social Market Foundation, a prominent think tank, has proposed upping the rate from 20% to 40%, a proposal Chancellor John Healey is reportedly considering.
Betfred founder Fred Done has warned 45% of the firm’s retail estate would shutter should the duty double. The company has already announced the closure of 132 shops across its retail network, which has put 600 jobs at risk of redundancy.
As per the Companies House filing, Betfred was operating 1,293 betting shops as of 29 March. In the previous period, the count stood at 1,351.
“Loss-making shops are constantly reviewed and closed where the business feels necessary,” the report read.
Betfred said it paid more than £200m in combined betting and machines games duties during the reporting period, as well as £18.6m in statutory levy payments.
In a statement released on Monday 12 October, the Betting and Gaming Council warned 3,800 jobs would be at-risk across the sector should the rate double.
The trade body also noted £50m of planned investment would be scrapped and that such a levy hike poses an “existential threat to Britain’s casinos”.
Looking ahead
Betfred noted its average headcount declined from 9,622 to 9,463 over the reporting period, although employee costs rose £19.2m on a like-for-like basis.
Bosses said this was due to increases in the national minimum wage and employers’ national insurance contributions.
The highest paid director received £838,000 in remuneration.
Betfred added it had “improved its governance and oversight arrangements in the past year” as part of its succession planning for when Done steps away. Done still serves as the company’s chair, while Joanne Whittaker is CEO.
In September, MrQ parent company Lindar Media filed its latest Companies House report, showing revenue of £120m.
The casino and bingo challenger brand forewarned of “existential challenges” posed by increasing tax burdens and a stagnating UK economy.
The post Betfred revenue hits £995m as online investment pays off first appeared on EGR Intel.
Bookmaker says UK tax hikes have been “factored into the forecasts” as accounts reveal number of betting shops in group’s portfolio fell 4%
The post Betfred revenue hits £995m as online investment pays off first appeared on EGR Intel.