Betfred enters the red despite online gambling surge

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Betfred enters the red despite online gambling surge

Article brief provided by City A.M.
  • Jon Robinson, City A.M.
July 9, 2024 7:33 PM
  • Jon Robinson, City A.M.

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.

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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.