Rough diamond with gem in hand
FRED Done has risen from Salford bookie to one of the UK’s biggest business hitters with his steady leadership of Betfred – and with the Tote win he has staked his claim on the UK’s racing establishment.
Done’s personal determination to win the Tote auction has been apparent throughout the race and his joy at succeeding is real. When he says he is “absolutely delighted”, the sentiment is genuine.
Since founding Betfred in 1967 at the age of 16, he reached the 100-shop milestone thirty years on and now boasts 840 betting shops including flagship stores in Manchester and London’s Chinatown. It may be the UK’s fourth-biggest bookie, but it is the largest independent one in the world.
The sustained success is a testament to his dedication but Done is also known for introducing innovative business practices and headline-grabbing gimmicks.
Known as the bonus king for being the first UK bookmaker to offer early payouts, his incentives to customers have boosted his profile but also left him in hot water from time to time.
A lifelong Manchester United fan, in 1998 Done paid out early on all bets on the team winning the Premier League, subsequently losing hundreds of thousands of pounds when Arsenal against all odds beat them to the title by just a single point.
But such innovative tricks and a consistent stream of ‘firsts’ have seen Betfred’s popularity and profitability grow. With the Tote in hand, Done is poised to push it, and himself, still further.