SBC News Voice of the Sports Betting Industry
Betfred has affirmed its commitment to continue reviewing its portfolio of over 1,400 retail betting outlets as it maintains a steady recovery post-COVID.
The company’s 2021/2022 accounts reveal a four-fold increase in corporate profits, leaping from £5m to £20m. This surge is largely attributed to the unrestricted reopening of its high street betting shops following 2021’s lockdown restrictions.
This return to high street trading led to a significant boost in customer activity. The group’s total wagers reached £8.8bn up to September 2022, marking a substantial rise from the £7bn wagered in the previous year. Despite this growth, these figures remain below the £10.1bn wagered in the 2018/2019 period, before the onset of the global pandemic.
A normalized trading environment saw Betfred’s turnover register a noteworthy increase, moving from £526m to £723m as betting shops reopened from April 2021 onwards.
Accounts show that the Done Family, Betfred’s owners, withdrew a £51m dividend from the company in November 2021. The accounts also revealed a £2.9m payment made to the UK’s Gambling Commission (UKGC) in settlement over failures related to customer care and anti-money laundering (AML) controls.
Corporate expenses witnessed an increase as Betfred paid a higher machine-gaming duty of £54m in 2022, compared to £31m in the previous year, heavily impacted by Covid restrictions.
In its annual report, Betfred disclosed the closure of 51 of its shops during the period under review, reducing its network to 1,419 locations. The leadership highlighted its ongoing strategy to review loss-making shops and consider potential closures.
Moving into the 2022/2023 fiscal year, Betfred’s leadership noted that units are making contingencies for an expected rise in operational costs related to stricter compliance and regulations.
Beyond the UK, Betfred continues seeking expansion opportunities in North American and South African markets.
