Betfred posts $85 million pre-tax profit as UK tax hikes prompt shop closures and sponsorship cuts

Betfred reported a pre-tax profit of £64 million ($84.59 million) for the 2025-26 financial year, as the bookmaker faces higher gambling taxes in the UK that have prompted plans to close betting shops, reduce spending and withdraw from a major sports sponsorship agreement. The company has confirmed plans to close 132 betting shops across the UK, representing approximately 10% of its retail network , with around 600 jobs expected to be lost. Company owner Fred Done previously warned that the bookmaker could close its entire UK betting shop network because of the higher tax burden.