The billionaire brothers behind the Betfred bookmaking chain have secured a substantial payday after the company reported a surge in turnover to nearly £1.5 billion.
Betfred's Financial Resurgence
Newly filed accounts at Companies House show that the Warrington-headquartered betting giant achieved a turnover of £1.45 billion for the 78 weeks to 30 March 2025. This impressive figure was accompanied by a pre-tax profit of £188.6 million for the same extended period.
This marks a dramatic turnaround from the previous financial year to 1 October 2023, when Betfred posted a turnover of £907.9 million and a pre-tax loss of £35.8 million. The company's improved performance is attributed to strategic exits from unprofitable overseas markets.
During this period, Betfred ceased trading in nine US states and sold its Spanish business, while also making an acquisition in South Africa. The board stated that exiting these ventures and reducing exceptional items, including a prior £40 million provision for onerous contracts, were key drivers.
Dividend Payouts and Family Wealth
The financial success translated directly into rewards for the company's shareholders. The accounts confirm that Betfred's owners, including founders Fred and Peter Done alongside Fred's daughter Nicola Done-Orrell, received a dividend of £25.3 million.
This comes on top of another major payout from a separate family venture. The Done brothers, together with Nicola Done-Orrell, are also shareholders in Peninsula, a Manchester-based HR services group founded by Peter Done. Accounts for Peninsula revealed the shareholders received a £62 million dividend for the year to 31 March 2025, following a record £65.5 million payout the year before.
According to the Sunday Times Rich List, the combined wealth of the Done brothers now stands at £2.9 billion, an increase of £535 million from 2024.
Budget Warnings and Industry Changes
The publication of these accounts follows a stark warning from Betfred chairman Fred Done last autumn. He cautioned that all 1,287 of Betfred's UK shops could close, risking around 7,500 jobs, if Chancellor Rachel Reeves increased gambling taxes in the Budget.
While the November Budget did ultimately increase the tax burden for online casinos and bookmakers, a key concession was made. Bets on horse racing were exempted from the rise in the general betting duty, offering some relief to traditional bookmakers with significant retail estates.
