New Jersey Online Gambling Revenue Soaring [...]
Betfred Posts Almost £2b in Online Betting Revenue Over 18-Month Period
- July 2, 2015 By Nemanja L. -
United Kingdom gaming company Betfred have announced a staggering revenue of £1.9 billion during the period of 18 months that ended on 28th September 2014.
Since its last public announcement of figures, the UK operator went on to change the date of its fiscal year, meaning the 18-month period has been compared to the previous 12-month interval.
But, seeing as Betfred’s online turnover had been £1.1 billion for the previous fiscal year, the latest figure corresponds to a 15% increase on pro-rata basis.
Total Turnover is £13.3 Billion
The famous sports betting operator houses just short of 1,400 retail betting shops, and counting both the offline and online channels, the company revealed the total turnover was £13.3 billion, as opposed to the £8 billion turnover in the previous 12-month interval.
This is enough to suggest that the company has enjoyed some strong results over the last year and a half, moving up in what is a very competitive online betting market.
Considering that BetFred is a privately owned firm, they are not required to share all the business information with the public, but the data they did disclose clearly suggest the company is moving in the right direction.
The revenue climbed from £362m to £593m, whereas earnings increased from £69.2m to £101.9m. The result becomes even more impressive when we take into account that Betfred lost some £3 million on the Australian mobile betting project that closed shortly after it launched in 2014.
The company, controlled by brothers Fred and Peter Done, also saw significant improvements in their Tote business, that hadn’t performed up to expectations during the previous fiscal year.
Betfred Makes £18.6 Million in Levy Payments
As required by law, Betfred made £18.6 million in Levy payments during said 18-month period, while making another £19.1 in direct contributions to racing in the UK. The company paid £158.7m in taxes over the year and a half interval, whereas its net debt decreased from £213m to £145m.
Betfred CEO John Haddock had plenty of reason to celebrate, with the betting firm recording some very good results in spite of “increased taxation, regulation and a very competitive market place.”
The Warrington-based bookmaker faces fresh challenges to keep its position as one of the leading UK gaming operators, but aforementioned results will certainly provide an important impetus for the years to come.