Betfred founders top Sunday Times Tax List for first time
Fred and Paul Done have overtaken bet365 owner Denise Coates.
UK.- The brothers behind the betting operator Betfred have taken the top spot in The Sunday Times tax list for 2025. It’s the first time they were placed first in the ranking of top UK tax payers, while Bet365 founder Denise Coates, who topped the list back in 2020 and 2021, slipped to fifth place.
The Done brothers reportedly paid £400m in taxes in the 2024-2025 financial year, £204.6m more than what they paid in 2023-24 and around £70m more than the next person on the list, Alex Gerko, the Moscow-born founder of XTX Markets. Denise, brother John and father Peter paid £227.1m, down from £364m in 2024.
In last year’s survey the Dones were in fourth place, but their tax bill more than doubled. Betfred reported revenues of £1.45bn for the 78 weeks ending March 30 2025, generating £1bn in gross profit. That compares to £908m in revenue and £673m in profit over the previous 53-week period. Meanwhile, bet365’s accounts showed £4bn in revenue and £349m in profit before tax in 2024-2025, with operating profit down from £365.7m to £217m.
It will be interesting to see how things change in two years’ time. In April 2026, Remote Gaming Duty will rise from 21 to 40 per cent. In April 2027, a new remote betting rate will be charged within General Betting Duty at 25 per cent instead of 15 per cent.
The Done brothers had previously suggested that Betfred’s entire retail business would be on the line if the tax rise went ahead. It’s currently the third biggest UK betting operator after Entain and Evoke in terms of the number of betting shops operated, with 1,287 shops, employing 7,500 people.
Several people on The Sunday Times list are now residents Jersey, Guernsey, Monaco or elsewhere. However, Peter Done, now 78, told The Guardian that he wouldn’t be leaving Britain.
“We owe this country,” the newspaper quoted him as saying. “I feel there is an obligation for people that have made the money in that country to pay the tax in that country. Fred and myself are stopping here.”
The Sunday Times tax list is not based on a complete total of all taxes paid but it includes corporation tax, dividend tax, capital gains tax, income tax and some payroll taxes, as well as gambling and alcohol duties, according company accounts filed up to January 10.
