Betfred's billionaire owners receive £10m despite FOBT shift

Firm makes bumper profits despite Fred and Peter Done warning about cuts to fixed-odds betting terminal stakes

Betfred paid its billionaire owners a 10.2m dividend after reporting bumper operating profits, as the impact of curbs on fixed-odds betting terminals (FOBTs) proved far milder than the industry had predicted.

Fred Done, who owns the business with his brother Peter, warned in November last year that bookmakers were fighting for our lives", after the government cut the maximum wager on FOBTs from 100 to 2.