British bookmaker Betfred posted a pre-tax profit of £64 million ($84.59 million) for the financial year ended 29 March 2026. The operator announced plans to close 132 betting shops — roughly 10% of its retail network — with around 600 staff affected.
Betfred generated £720 million ($951.62 million) in gross profit and £74.1 million ($97.94 million) in operating profit. After paying £24.4 million in tax, net profit stood at £39.6 million ($52.34 million). Retail accounted for £544 million ($719 million) of turnover, or 55% of the total, while online contributed £451.7 million ($597 million). Combined turnover came in just under £1 billion.
The operator paid £147.4 million ($194.82 million) in betting duty, £54.5 million ($72 million) in machine games duty, £18.6 million ($24.58 million) in mandatory levy and £55.1 million ($72.83 million) in commissions. Exceptional costs totalled £7.1 million ($9.38 million), including £4.6 million ($6 million) tied to abandoned US market exit transactions.
The reporting period closed before new tax rates took effect. Remote Gaming Duty rose from 21% to 40% from the start of April 2026. A 25% General Betting Duty will apply next year, excluding self-service terminals, spread betting, pools and racing.
Owner Fred Done had previously warned that Betfred may shut its entire UK retail estate in response to the tax changes. Last month the bookmaker confirmed it would end its long-standing Super League rugby sponsorship after the 2026 season, citing the combined impact of higher taxes and wage inflation.
