Business Is Booming For Betfred
Manchester-based bookmaker, Betfred, has reported huge profits of £593 million for the 18-month period from March 2013 to September 2014, an increase of some £231 million from the previous 18 months.
The company, founded by brothers Fred and Peter Done in 1967, reported the company’s turnover topped £13.3 billion, an impressive figure aided by Betfred’s online division that turned over £1.9 billion.
John Haddock, the Betfred Group chief executive, said: “Although we have faced increased taxation, regulations and a very competitive market place we are delighted to report a positive set of results. 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 £19.1 million in direct contributions.
“This together with our levy payments equates to a total of £37.7 million in the 18 month perios and we are proud to continue to be one of racing’s biggest sponsors.”
Betfred was given an exclusive seven-year licence to operate pools betting on UK racecourse when it acquired the Tote in July 2011 for £265 million.
Haddock continued: “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 have 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.”
When Fred and Peter Done founded Betfred in 1967, they did so with a solitary betting shop in Salford. The company now has almost 1,400 betting shops, has pool betting on 58 racecourses and employed more than 10,000 people.
Betfred aren’t the only British company to reveal excellent trading figures, similarly named Betfair recently announced to its investors that it would be increasing its dividend by 70% following making an operating profit of £94.3 million during the previous financial year.