Fred Done
Fred Done, co-founder of Betfred, is one of the most recognizable figures in the UK bookmaking industry. His story – from running a family business in Salford to creating one of the largest betting companies in the country – exemplifies his determination and ability to take risks.
Bio
Early Life and Entrepreneurial Beginnings
Fred Done was born in March 1943 in Ordsall, Greater Manchester. He grew up with three siblings. Leaving school at 15 without formal qualifications, he joined his father’s illegal bookmaking business. Alongside his brother Peter, he gained early exposure to the betting industry.
Founding Betfred: A Bet on Success
In 1967, Fred and Peter Done opened their first bookmaker shop in Salford. They funded it using £200 in winnings from a £25 bet on England’s 1966 World Cup victory. This decision laid the foundation for what would become one of the UK’s largest independent bookmakers.
Betfred quickly gained popularity. The company focused on customer-friendly promotions and bold marketing strategies. Over the years, Fred Done took many high-profile risks. In 1998, he became the first bookmaker to pay out early on a Premier League title race. He backed Manchester United before Arsenal overtook them to win the league.
Acquisition of The Tote
In 2011, Betfred acquired The Tote, a government-owned pool betting operator, for £265 million. This move significantly expanded Betfred’s market presence. However, the sale was controversial.
Many horse racing stakeholders opposed the decision. The Tote had historically reinvested profits into the sport, and there were concerns that Betfred, as a commercial bookmaker, would not continue this practice. To address these concerns, Betfred pledged £155 million over seven years to support British racing.
The acquisition gave Betfred exclusive control over pool betting at UK racecourses for seven years. As a result, the company became a dominant force in the UK horse racing sector.
In 2018, Betfred’s exclusive license expired. This led to the launch of Britbet, a new pool betting service backed by British racecourses. Despite this, Betfred maintained its strong market position. The company continued to leverage its Tote heritage while expanding its sportsbook and gaming offerings.
Stepping Down as CEO
In 2021, Fred Done stepped down as Betfred’s CEO. He transitioned into the role of Chairman.
This move allowed him to focus on strategic oversight while new leadership managed daily operations.
Philanthropy and Community Engagement
Beyond business, Fred Done has been active in philanthropy. His contributions, especially in Manchester, highlight his commitment to giving back. Over the years, he has supported various local causes, reinforcing his ties to the community that shaped him.
Legacy and Impact
Fred Done’s journey from a young bookmaker in Salford to a billionaire businessman showcases entrepreneurial resilience. His strategic decisions and bold marketing moves have shaped the betting industry. Today, his legacy remains a key part of the gambling world.