A surge in online gambling helped Betfred’s turnover pass £900m [$1.15b] during its latest financial year but was not enough to stop the company entering the red. The Warrington-headquartered business has reported a turnover of £907.9m [$1.161b] for the year to October 1, 2023, up from the £723.2m it posted during the prior 12 months.
Betfred generated almost £577m in turnover from retail gambling, up from £557.6m, and £331m from online gambling, a rise from £165.5m.
However, the business has gone from posting a pre-tax profit of £37.7m to a loss of £35.8m, according to newly-filed documents with Companies House.
The Done family, Betfred’s billionaire owners, paid themselves a dividend of £50.7m in the prior financial year but have not received one for the company’s latest 12 months.
