The Times newspaper has revealed its eagerly awaited annual taxpayer list for this year. Taking second and third place among the biggest tax payers in the United Kingdom, the data reveals that the gambling industry tops the rankings.
Fred and Peter Done, brothers and owners of Betfred, as well as the Coates family, who are the owners of Bet365. Reaffirming the financial impact of the sector in the country, once again, they appeared among the top five on the list.
Founder of Children’s Investment Fund Management, Chris Hohn, was the only one to outperform the betting entrepreneurs. He paid a whopping £339.5 million or about US$423.15 million in taxes to the British government.
The owners of Betfred contributed £273.4 million, as well as the Coates family and £265 million. These numbers demonstrate the strength of the gaming sector. It generates significant revenue for the government.
bet365 maintained its stable position compared to 2024. Yet, the company saw a drop in the amount paid in taxes. By last year, the Coates family had shelled out £375.9 million.
The Done brothers, as well as their family moved up two positions on the list. This marks a significant increase in the amount paid compared to 2024. From £204.6 million last year, they jumped to £273.4 million this year.
The previous budget in the United Kingdom did not bring any changes to taxes applied to the betting sector. Still, companies keep on reporting mixed financial results.
While the salary of Denise Coats, the CEO of the company, was reduced, the financial report for the 2024 financial year highlighted a considerable increase in profits.
While Betfred released its 2023 yearly report, which showed a 25.6% increase in revenue. Nonetheless, operating profit suffered a significant drop of 98.7%.
