Betfred holds off market challenges to post £13.3bn turnover

Betfred holds off market challenges to post £13.3bn turnover

Wednesday, July 1, 2015
Betfred has contributed nearly £40m to UK racing

Betfred has revealed it was able to post turnover of £13.2bn (€18.8bn/$20.9bn) during the 18 months through to September 2014, despite having to contend with increased taxation, regulation and a competitive market during the period.

The bookmaker, which employs over 10,000 people across its operations, was also able to achieve a profit of £593m in the period, up from the £362m that was posted in the previous 18 months.

Net debt fell by £68m during the 18-month period to £145m, while the company was also able to pay nearly £40m into racing as part of its ongoing commitment to boost the industry. In addition, the Betfred.com website was able to generate turnover of £1.9bn.

The company, which boasts a network of almost 1,400 office sites operates a number of major brands such as Betfred, Totepool and Totesport. The firm also offers pool betting on 58 racecourses and a selection of telephone and internet betting services.

Speaking about the bookmaker’s performance during the 18-month period, chief executive John Haddock said that Betfred saw growth across all of its platforms and will continue to push for further expansion moving forward.

“Although we have faced increased taxation, regulation and a very competitive market place we are delighted to report a positive set of results,” Haddock said, according to the Manchester Evening News newspaper.

“We are pleased to continue our support for racing and once again we have over-delivered on our promise to the government when we acquired the Tote and delivered £19.1m in direct contributions. This, together with our levy payments, equates to a total payment to racing of £37.7m in the 18-month period and we are proud to continue to be one of racing’s biggest sponsors.

“Our estate of just under 1,400 betting shops continues to perform well and there’s been major improvement in our online and mobile offerings. Totepool continues to grow and in this period we had a record breaking Scoop6.

“We have a clear message across the Betfred Group to all our customers to keep gambling fun and gamble responsibly.”

Latest

New £10 note to enter circulation in September

New £10 note to enter circulation in September

‘Unsustainable aggravation’ – Italian street market hit by higher taxes

Gauselmann sees double-digit revenue increase

Bacta, ALMR and BBPA agree pub summit programme

Gaming Products & Services Directory

The essential directory for the gaming industry