Betfred annual gross profit hits £1bn after US and Spain exits

The bookmaker streamlined its operations in 2025 but not faces the challenge of the rise in British gambling tax.

UK.- Betfred this week submitted accounts for the 78 weeks to March 30 showing turnover of £1.45bn and gross profit of £1bn. A direct comparison with the prior period is not possible because the company’s previous filings were for 12 months only, however cost savings appear to have boosted the bottom line.

The company noted its withdrawal from its overseas businesses in the US and Spain, which had harmed profit. Betfred sold Betfred Spain for £2m in December 2024. It also exited nine US states, retaining a presence only in Pennsylvania.

Betfred had entered both the US and Spain in 2019. However, it struggled to find a foothold stateside amid the domination of FanDuel and DraftKings.

The company has not ruled out international expansion. In October, it bought the South African holding company that owns BF SA Support Services in South Africa, where it runs Betfred South Africa and Lotto Star.

See also: Betfred hit with £825,000 fine over AML and social responsibility failings at betting shops

The main challenge on the horizon for the Done brothers’ betting group is now the rise in British Remote Gaming Duty from 21 to 40 per cent from April and the subsequent increase in General Betting Duty to 25 per cent in 2027. Before the confirmation of the tax rises, the company had warned that its ”whole retail betting business” would be on the line, threatening jobs at more than 1,300 UK betting shops.

Accounts show that i the 78-week period to March 30 2025, Betfred paid £20m in UK income tax, plus £44.9m across Gibraltar, Spain, South Africa and the US.

See also: GG.BET bows out from British market ahead of remote gaming tax rise