Business · Companies · 2 hrs ago
Betfred owners took £30m dividend before warning of possible job cuts
The Done family, which owns Betfred, took a £30m dividend from the betting business.
Betfred reported a record £996m in winnings from British customers and a pre-tax profit of £64m for the year to March 2026.
The government is considering doubling tax on high-street slot machines in its upcoming budget.
Betfred founder Fred Done and other gambling industry figures say the change could cause 1,470 betting shop closures and 15,900 job losses.
Betfred’s shops have already fallen from about 1,620 in 2019 to 1,293, as gambling has also shifted online.
The government has not announced a decision, and the tax proposal may be considered in the budget.
The Done family took a £30m dividend from Betfred before the company warned of possible job cuts and shop closures if the government raises tax on high-street slot machines.
Industry figures warned that a proposed increase in machine games duty could lead to up to 1,470 betting shop closures, 34 casino closures and 15,900 job losses.
Betfred’s holding company reported a record £996m won from British punters and pre-tax profit of £64m in the year to the end of March 2026.
The proposed tax change would raise machine games duty from 20% to 40%.
Supporters of an increase have focused on adult gaming centres, while industry figures argue that higher tax could force closures and reduce government revenue.
- Who
- The Done family, owners of Betfred, and gambling industry figures led by Fred Done.
- What
- Betfred paid a £30m dividend before warning that a tax increase could lead to shop closures and job losses.
- When
- The holding company’s accounts covered the year to the end of March 2026; industry figures sent their warning letter on Wednesday.
- Where
- Betfred is based in Warrington, UK. The proposed tax applies to high-street slot machines.
- Why
- The government is considering doubling machine games duty from 20% to 40%; industry figures say the increase could make many businesses unprofitable.
Gambling industry figures
Campaigners supporting an increase in machine games duty
Effect of higher tax
Gambling industry figures
They warn it could lead to up to 1,470 betting shop closures, 34 casino closures and 15,900 job losses.
Campaigners supporting an increase in machine games duty
They support increasing the duty; the article says campaigners have focused on adult gaming centres.
Tax revenue
Gambling industry figures
Fred Done argues higher duty could force closures and ultimately reduce the Treasury’s tax take.
Campaigners supporting an increase in machine games duty
The Social Market Foundation says doubling the duty could raise up to £460m for the state.
Betfred has threatened to close nearly 1,000 shops in response to higher taxes or tougher regulation.
Betfred won a record £996m from British punters and recorded pre-tax profit of £64m.
Fred Done said he would not wish to be reborn in the UK.
Fred Done and other industry signatories sent a letter warning that the proposed tax change could trigger closures and job losses.
- Dividend
- £30m interim payment to shareholders
- Betfred winnings
- £996m from British punters in the year to the end of March 2026
- Pre-tax profit
- £64m in the year to the end of March 2026
- Proposed duty rate
- Increase from 20% to 40%
- Potential closures and losses
- Up to 1,470 betting shops, 34 casinos and 15,900 jobs
What people are saying
I would not wish to be reborn in the UK.
They keep saying those with the broadest shoulders should be paying more tax. Well, how broad do my shoulders have to be? We paid £400m in taxes as a family last year.