UK betting operator Betfred notched £1.9b in online betting turnover in the 18 months ending September 28, 2014.
The Warrington-based bookie has changed the date of its fiscal year since its last public reporting, making apples-to-apples comparisons dicey. In the previous 12-month period ending March 2013, Betfred’s digital turnover was £1.1b, so the £1.9b figure represents a 15% pro-rata gain.
Counting Betfred’s nearly 1,400 retail betting shops, the company says total turnover came to £13.3b, compared with £8b in the previous 12-month period.
The privately-held Betfred, which is controlled by brothers Fred and Peter Done, doesn’t feel the need to overshare its operational metrics with the world. They will say that revenue came to £593m, up from £362m in the previous period, while earnings rose to £101.9m from £69.2m. Profits would have been £3m higher were it not for Betfred’s ill-fated Australian mobile betting venture, which the company both launched and closed in 2014.
Betfred CEO John Haddock said Betfred’s Tote business had improved due to “more focused advertising, a reduced number of race abandonments and significant volume increases.” Haddock said management was working hard to reverse the declines experienced in its Tote Digital business and was confident of a turnaround in FY 2015. Betfred says it made direct contributions of £19.1m to racing on top of £18.6m in Levy payments during the 18-month period in question.
Betfred also said it had paid total taxes of £158.7m in the period, up from £89.6m, while net debt fell from £213m to £145m. Haddock celebrated the company’s overall results, which he said came despite “increased taxation, regulation and a very competitive market place.”