Fred Done - The Self-Made Billionaire Behind Betfred’s Success

Author: Tadas Peckaitis

Fred Done is a self-made British billionaire and the Chairman of Betfred, one of the top three betting brands in the UK.

With over 1,600 betting shops across the UK, Betfred is a household name. Thanks to his strong media presence, many people recognize its founder as well as its logo.

Born in Ordsall, Salford, Done grew up in a working-class family where his father operated as an illegal bookmaker. After leaving school at 15, he first worked as a draftsman but quickly realized his future lay elsewhere.

In 1967, he and his brother Peter Done opened their first betting shop under the name Done Bookmakers, funding it with winnings from a £200 bet on England's 1966 World Cup victory. While the business expanded steadily over the years, it wasn't until 2004 that they rebranded to Betfred.

Full Name

Fred Done

Net Worth

$2.29 billion

Source of Wealth

Businessman

Famous for

British billionaire, co-founder of Betfred

Born

March 5, 1943, United Kingdom

The Fred Done net worth has grown significantly through calculated risks, aggressive expansion, and strategic investments beyond betting, including stocks, real estate, and business services. So how did he transform a single shop in Salford into a multi-billion-pound empire?

Fred Done Highlights

Highlights

• Grew up in a working-class household in Salford
• Left school at 15 and entered bookmaking at 17
• He turned a £200 World Cup bet into seed money for his first shop
• Founded Done Bookmakers in 1967, later rebranded as Betfred
• Expanded to over 1,600 shops across the UK
• Survived a violent knife attack from a disgruntled customer
• Made £90 million from a bold investment in William Hill stock

The Humble Upbringing of Fred Done

Growing up in the tough streets of Ordsall, once considered the roughest part of Salford, Fred Done's childhood was modest but happy. Raised in a cramped two-up, two-down house where he shared a single bedroom with his three siblings, Done's early years were far removed from the substantial net worth of Fred Done that would later define his success story.

Fred's father worked as an ambulance driver during the war and operated as an illegal bookmaker on the side, perhaps planting the first seeds of his son's future empire. Despite their limited means, Fred fondly recalls his childhood in interviews, crediting his parents for creating a warm home environment.

At 15, Fred left school and briefly attempted a career as a draftsman at an engineering company, a position that felt entirely wrong for his personality and talents. When an opportunity arose to enter the bookmaking world in 1959, two years before it was legalized, Done jumped at the chance. Initially taking the job out of necessity rather than passion.

By age 21, Fred was already managing an office of men considerably older than himself, developing the sharp mathematical skills and quick thinking that bookmaking demanded. This environment shaped his business acumen, teaching him valuable lessons through both successes and failures and laying the groundwork for him becoming one of the most influential people in gambling.

Fred Done's First Business Ventures

Fortune smiled on Done when he wagered ten weeks' wages (£200) on England to win the 1966 World Cup at 8/1 odds.

This windfall became the springboard helping Fred Done open his first betting shop at age 24. After spotting an opportunity in Salford, Done meticulously researched the location, checking nearby pubs and bus stops and even counting "chimney pots" to assess potential foot traffic. Such a thorough analysis demonstrated his innate business instincts despite his lack of formal training.

With only half the £4,000 asking price, Done nearly walked away until the seller offered to finance the remainder. He opened a bank account with just £75 while "laying off" larger bets with other bookmakers to manage risk.

"We didn't start the business to build an empire. We just needed to feed a family."

Fred Done

The Birth of Betfred

What began as Done Bookmakers, a modest family venture, would eventually evolve into the betting powerhouse known as Betfred.

Behind the business was also a personal support system, his late wife, Mo. When they opened their first shop, Mo was the cashier and cleaner because they couldn't afford to hire staff. She was his strongest supporter, always knowing how to help him through difficult business days.

In those early days, survival meant living on your wits. When a customer placed a potentially costly bet, Fred would quickly "lay off" the risk by placing the same wager with larger bookmakers, a form of insurance that protected his fledgling business. Sometimes, when winners needed to be paid, Fred's father would run to collect money from other sources to ensure customers got their winnings. Such resourceful strategies were essential for keeping the business afloat during its vulnerable beginning stages.

The business expanded organically, one shop at a time. While Fred's wife Mo served as their first cashier, his brother's wife Anne also worked behind the counter, creating a truly family operation.

By the mid-1980s, the Done brothers had grown their betting operation to approximately 70 shops across the North West. Fred earned the nickname "the bonus king" for his innovative promotions and creation of the now-popular Lucky 15 bet.

However, the journey wasn't without danger. Fred once survived a violent knife attack from a disgruntled customer, requiring 32 stitches.

In 2004, Done Bookmakers recognized the need to modernize for continued growth and rebranded as Betfred. This strategic move helped position the company for further expansion, eventually growing to over 1,600 betting shops across the UK and developing a robust online presence.

As a result, Betfred stands today as one of Britain's top three betting brands.

How a Betting Mogul Mastered Property and Stocks?

While Fred Done is best known for revolutionizing the British betting landscape with Betfred, his entrepreneurial spirit has led him to build an impressive portfolio of businesses across various industries.

After experiencing frustration as a consumer of employment law services, Done identified a gap in the market and established Peninsula Business Services. This HR and employment law firm emerged from his own need for expert advice and has since flourished, demonstrating Done's knack for turning problems into profitable opportunities.

Done's sharp business instincts have also led to remarkable success in stock market investments.

In December 2019, he spotted potential in William Hill's plummeting share price, buying in at around 90p per share when they had previously traded at £3.50. Despite initially facing paper losses of nearly £30 million, Done's patience and market understanding paid off spectacularly when he eventually sold his shares for a £90 million profit following a takeover bid.

Property development represents another significant chapter in Done's business journey.

His company, Salboy, specializes in high-end property developments, starting with 405 successful apartments built on land purchased in Salford. This venture led to the creation of Domis, a construction company that has secured contracts worth £1.95 billion over five years.

Perhaps most notably, Done partnered with football legend Gary Neville in a 50-50 joint venture to develop St. Michael's in Manchester city center. This £200 million project features offices, restaurants, a hotel, and 200 serviced apartments.

Fred Done’s Quiet Philanthropic Legacy

Behind the impressive Fred Done betting empire lies a lesser-known story of generosity and community impact.

Despite his reluctance to publicize his charitable work, Done's philanthropy has transformed lives across Greater Manchester's most disadvantaged areas.

A pivotal moment in Done's charitable journey came during a cold winter evening when fellow businessman Dave Whelan invited him to view a youth center in Wigan. What was meant to be a brief visit extended into hours as Done was captivated by the facility's potential to change young lives. This experience planted a seed that would later flourish following the passing of his wife, Mo.

Determined to create something meaningful, Done approached Manchester Council with a proposition to build a similar £6 million youth center. Rather than targeting affluent neighborhoods, he deliberately chose Gorton, one of Manchester's most deprived areas, as the location.

Done's philanthropic vision continues to expand, with plans underway for a second youth center in Salford. Additionally, he maintains steadfast support for The Christie Cancer Hospital in memory of his late wife, who received care there.

For Done, these initiatives represent a personal connection to his humble beginnings since he relates to these children, having grown up with very little. His philanthropy comes full circle, from a child of Salford's streets to a benefactor changing the lives of today's disadvantaged youth.

Fred Done Net Worth and Wealth

As of 2025, the Fred Done net worth, combined with that of his brother Peter, stands at an impressive £2.29 billion, representing a £45 million increase from the previous year.

This substantial wealth makes the Done brothers the third richest people in the North West of England and the second richest in Manchester.

Their financial success is built on multiple pillars, with BetFred continuing to serve as the cornerstone of their empire. The betting industry giant has experienced remarkable growth, with turnover climbing by 25% to over £900 million as the company expands operations, rivaling US online casinos and sportsbooks into America and South Africa.

Beyond the betting world, the Done brothers' Peninsula Group has become a powerhouse in its own right. Employing 3,500 people across five countries, the group achieved profits exceeding £100 million in its latest financial year. In addition, with 14 businesses operating under its umbrella, Peninsula now has its sights set on expanding into the American market, further diversifying its global presence.

While Fred's betting operations form the foundation of his empire, his property ventures have also contributed significantly to his wealth. His development company with Simon Ismail has approximately £1 billion worth of developments in planning across the UK, including the high-profile £400 million St. Michael's scheme in Manchester in partnership with football legend Gary Neville.

The Done brothers' financial success is further validated by their position as the fifth-largest taxpayers in the UK. In 2022 alone, they contributed a substantial £136.8 million to the national coffers.

Where Is Fred Done Today?

Far from slowing down, Fred Done continues expanding his business empire with the enthusiasm that propelled his early success. Despite his age, Done remains a dynamic force in the business world.

The property sector continues to be a major focus, with his development company Salboy flourishing following the successful construction of 405 apartments on land purchased in Salford. Meanwhile, his construction company Domis has secured an impressive £1.95 billion in contracts over the next five years.

Despite his numerous achievements, Done shows no signs of resting on his laurels, revealing that he's constantly developing new business ideas.

Therefore, the Fred Done success story continues to evolve, driven by the same restless ambition and entrepreneurial spirit that transformed a small Salford betting shop into a multi-billion-pound empire.