Done family took £30m dividend from Betfred before warning of job cuts
Summary
The Done family took a £30 million payment from their Betfred betting company before warning the government that raising taxes on slot machines could lead to many shop closures and job losses. Betfred had a strong financial year, paying out large dividends, but the family says higher taxes could hurt the business and cause thousands of job cuts.Key Facts
- The Done family took a £30 million dividend from Betfred before warning about tax-related job cuts.
- The government is considering doubling the tax on high-street slot machines, potentially raising £460 million.
- Betfred’s owner, Fred Done, and others warned this could lead to nearly 1,500 betting shop closures, 34 casino closures, and nearly 16,000 job losses.
- Betfred made nearly £1 billion from customers and had a £64 million pre-tax profit in one year.
- Since 2022, shareholders (mostly Done family trusts) have received over £105 million in dividends.
- The Done family paid about £400 million in taxes last year, £54 million from machine game duty.
- Betfred’s number of shops dropped from about 1,620 in 2019 to around 1,293 now, partly due to rising taxes and more online gambling.
- Adult gaming centres (AGCs) are growing and might benefit more than bookmakers if the tax on slot machines rises.
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