Key facts
- The Done family took a £30 million dividend from Betfred.
- Betfred warned that a potential increase in machine games duty could lead to 1,470 betting shop closures and 15,900 job losses.
- Betfred reported a pre-tax profit of £64 million for the year to March 2026.
- The Done family paid over £105 million in dividends from Betfred since 2022.
- The Done family is estimated to have paid £400 million in taxes last year.
- The government is considering doubling machine games duty from 20% to 40%.
The billionaire Done family withdrew a £30 million dividend from their Betfred gambling empire shortly before the company warned that hundreds of bookmakers could close and jobs would be lost if the government increases taxes on high-street slot machines. Chancellor John Healey is reportedly considering proposals to double the machine games duty (MGD) in the upcoming budget, a move that the Social Market Foundation thinktank estimates could increase state revenue by £460 million.
Industry leaders, including Betfred boss Fred Done, argue that such a tax hike would lead to widespread closures across the betting and casino sectors. On Wednesday, Done was among industry signatories who sent a letter to Healey warning that the policy could trigger up to 1,470 betting shop closures, 34 casino closures, and 15,900 job losses. The plea was first reported by Sky News.
Betfred’s holding company filed accounts showing a record £996 million won from British customers in the year to March 2026, with a pre-tax profit of £64 million. This strong performance enabled Betfred to pay its shareholders, primarily trusts benefiting the Done family, an interim dividend of £30 million, bringing total shareholder payouts to over £105 million since 2022. This money is reportedly reinvested into other Done family businesses, including their property ventures.
Fred Done, who founded his first bookies in 1967, has previously expressed dissatisfaction with the UK tax environment, stating in an interview that he would not wish to be reborn in the UK. He noted the family paid £400 million in taxes last year, with £54 million specifically from MGD. He argued that doubling the MGD from 20% to 40% would immediately make hundreds of bookmakers unprofitable, forcing closures and potentially reducing the Treasury's overall tax take. Casinos have also issued similar warnings.
This is not the first time Done has threatened mass closures in response to government policy. Since 2019, the company has indicated potential closures of nearly 1,000 shops due to higher taxes or stricter regulations, such as the £2 cap on fixed-odds betting terminals. During this period, Betfred's bookmaking estate has decreased from approximately 1,620 to 1,293 shops. This decline coincides with a broader trend towards online gambling, with Betfred actively promoting its online platform.