A windfall from HM Revenue & Customs and investment in rival William Hill helped Betfred maintain profitability despite the effect of the Covid-19 pandemic, according to the bookmaker’s latest set of accounts.
Betfred’s annual report for the year to September 27, 2020, lodged with Companies House this week, reported profit after tax of £165 million, up from £156.7m the previous year.
That was despite the amounts wagered with the company falling to just short of £6.5 billion from £10.1bn the previous year due to the impact of Covid-19 on sport and the closure of betting shops during the period.
Operating profits rose to £104.5m from £74.8m after a credit to exceptional costs of £99.2m.
