Betfred marks HQ expansion ahead of 60th anniversary

Betfred has officially opened an expanded and refurbished headquarters at Waterport Place ahead of the company's 60th anniversary, with founder Fred Done describing the business' growth from a small bookmaker to a company generating more than £1 million in gross profit each day. 

Mr Done was joined by the Minister for Justice, Trade and Industry, Nigel Feetham, to cut the ribbon at the company's fifth-floor offices and unveil a commemorative plaque marking Betfred's growth. Betfred has operated in Gibraltar for 19 years. 

Also attending the event were Betfred chairman, Michael Feetham, and the company's ambassador, Gibraltarian boxer Tyrone Buttigieg. 

Reflecting on his first visit to Gibraltar in August 2007, Mr Done recalled meeting Mr Feetham and his father, Michael Feetham, when the company employed around 10 people locally. 

Speaking about the company's expansion, he said: "When we first started, I had an ambition to get gross profit of over £10,000 a day." 

"Then, when we achieved that, I set my target again for £25,000, and we achieved that." 

"Then, £50,000." 

"As a man of figures, I check the company's figures every day." 

"Now, gross profit, we're knocking out £1 million a day. It's a bit of a journey." 

Mr Done said the business had faced a choice between prioritising profit or growth. 

"We decided to go for growth," he said, adding that increasing sponsorship formed part of that strategy. 

He said Betfred increased its gross profit by 40% during 2025 and had grown by close to 30% in the first part of 2026. 

"Whatever we did, we did right," he said. 

"I've still got a lot. We're still not the big player online, but that's where we want to be. We've got the ambition to be." 

Mr Done said he was still "enjoying every second" of the journey. 

He also thanked the Gibraltar Government for its support over the years and praised Michael Feetham for his loyalty and commitment to the company, as well as acknowledging the wider Betfred team. 

The Minister for Justice, Trade and Industry, Nigel Feetham, described Mr Done and Betfred as "one of the best corporate citizens in Gibraltar". 

"He's one of the largest contributors of tax revenues in Gibraltar," Mr Feetham said. 

"But of course, that is a normal thing for Fred." 

"And I tell you why it's a normal thing for Fred and his family, because they never avoid their obligations." 

Mr Feetham said Betfred was also among the largest taxpayers in the UK, contributing more than £400 million to the UK Treasury. 

The company remains attentive to how UK tax changes could affect its performance next year. However, it is confident given its strong growth in recent months, particularly following its decision to exit the US and Spanish markets. 

Recalling their first meeting around 20 years ago, Mr Feetham said he had encouraged Mr Done to choose Gibraltar over other potential locations. 

"I first met Fred about 20 years ago when he was looking for a location to establish his business in Malta or Gibraltar," he said. 

"We sat down and I passionately put the case for Gibraltar." 

"And no sooner had I done that than he said to me, 'Nigel, I trust you.'" 

"Because this man, everything that he does is based on trust and loyalty." 

Mr Feetham described Mr Done as "the last remaining old-style bookie in the UK". 

"He is the equivalent of the last of the Mohicans," he said. 

"This guy has the gaming sector in his heart." 

"He loves passionately the business, and he takes care of his staff." 

Mr Feetham also reflected on the period when he acted as Betfred's lawyer before entering politics in 2023, recalling one occasion when he advised Mr Done that he was under no legal obligation to take a particular course of action. 

"He looked at me and he said: thank you for the advice. But for me, it's not about legal obligation. For me, it's about doing the right thing." 

Following the plaque unveiling, Betfred staff surprised chairman Michael Feetham with a second commemorative plaque in the boardroom. 

Speaking emotionally, he described his years working alongside Mr Done as a real adventure that began after reading a Daily Mirror article about the bookmaker. 

Company ambassador Tyrone Buttigieg also attended the event and thanked Betfred for supporting him before he became established as a professional boxer. 

He said the company backed him before he had won titles, helping him balance his career in the ring with his work as a firefighter. 

Tyrone Butigieg, ambassador of Betfred, at the event./ JOHNNY BUGEJA