Betfred Boss Fred Done Laments UK’s Slot Machine Tax Hike But Gets $40M Dividends

As the UK government is considering increasing taxes on high-street slot machines, the billionaire Fred Done warned his company might close hundreds of bookies, all while taking over GBP 30 million (about $40 million) in dividends from Betfred. Government Plans Tax Increase on Gaming Machines, Done Speaks Against It Chancellor of the Exchequer John Healey is considering proposals to double machine games duty in the upcoming budget from 20% to 40%. According to the Social Market Foundation think tank, such a move could raise GBP 460 million (almost $610 million) in tax revenue for the government. However, not everyone supports the move, and gaming machine operators are naturally against it. Done has argued that the move could lead to widespread closures across the betting and casino industries. On Wednesday, the Betfred boss joined other industry figures in signing a last-ditch letter to Healey, warning that the policy could result in the closure of up to 1,470 betting shops and 34 casinos, putting 15,900 jobs at risk. Earlier this summer, Betfred closed 132 shops, resulting in hundreds of employees losing their jobs, citing the upcoming tax increases as the main reason for this decision. Done has previously warned that tax increases could lead to the closure of shops. Since 2019, Betfred has threatened to shut nearly 1,000 betting shops in response to tax increases and tighter regulation. During that time, the company’s betting shop portfolio has decreased from around 1,620 outlets to 1,293, a reduction of just over 20%. However, it should be said that these closures coincided with the rapid development of online gambling in the past few years. Fred Done Got $40 Million Dividends Despite Shop Closures Despite lamenting the high taxes and saying they might lead to financial difficulties for Betfred, Done is still one of the richest men in the UK. The Done family, with an estimated combined wealth of GBP 3 billion (about $4 billion), remains the UK’s biggest taxpayers, according to the Sunday Times Tax List. Of the estimated GBP 400 million (around $530 million) they contributed in tax last year, GBP 54 million (about $72 million) was attributable to machine games duty (MGD), according to the accounts of Betfred Group Holdings Limited. In an interview for the Financial Times, Done said that while there were repeated calls for those with the broadest shoulders to pay more tax, it was unclear how much more the Done family was expected to contribute. Betfred generated a record GBP 996 million (over $1.3 billion) in revenue from British punters in the financial year that ended in March 2026, recording a pre-tax profit of GBP 64 million (about $85million). The strong results enabled the company to pay its shareholders an interim dividend of GBP 30 million ($40 million). It should be noted that said shareholders are primarily a series of trusts benefiting the Done family. This brings total shareholder payouts since 2022 to more than GBP 105 million (about $139 million). In other news about Betfred, last month, the company ended its partnership with the rugby Super League, citing increasing taxes as the reason.