Betfred reports 2025/26 turnover of £995.6m as retail share of business falls to 55%

Betfred has reported turnover of £995.6 million for the 2025/26 financial year, according to its most recent Companies House filing. The figure compares with £1.5 billion in the prior period, but the two are not directly comparable. The latest period covered 52 weeks to 29 March 2026, while the earlier one ran for 78 weeks to 30 March 2025, following the company's decision last year to move its year-end from September to March.

Retail accounted for 55% of group turnover and online for 45%. In the previous period retail made up 61%, so the gap between the two channels has narrowed. Adjusted for the different period lengths, the report said group turnover rose by £23.3 million, partly because of higher marketing spend intended to increase market share and attract new customers.

Gross profit for the 52 weeks was £719.9 million, and operating profit was £74.1 million after a one-off £4.6 million charge for aborted acquisition costs. EBITDA stood at £140.6 million. Exceptional charges totalled £7.1 million, including the aborted acquisition and £801,000 in closure costs for a foreign subsidiary linked to the group's US business, which was wound down in its 2023-24 financial year. Betfred also confirmed it sold its Spanish online business in 2024, making a £1.6 million profit. Management declined to give a geographical split of earnings, saying it would be severely prejudicial to the interests of the group.

Employee costs rose by £19.2 million on a like-for-like basis because of an increase in the national minimum wage, even though headcount slipped from 7,872 to 7,795. The company's tax bill fell to £24.4 million from £59.8 million, and the filing included unrecognised deferred tax assets of up to £7 million.

The period predates the increase in UK Remote Gaming Duty that took effect in April this year. Founder Fred Done has been vocal about the effects of UK gambling tax rises, including the remote betting tax due in April 2027 and a possible Machine Gaming Duty increase that could be announced in the Autumn Budget. He told the Financial Times that doubling MGD would lead Betfred to close 495 shops within a year, costing 2,575 jobs and about £67 million in tax revenue. In August, the operator said it was considering closing up to 132 UK shops as part of a consultation on mitigating the tax changes.