Betfred reports 38.8% rise in annual profit
Betfred reports 38.8% rise in annual profit

Betfred reported that its gross profit increased by 38.8% to £542.9 million for the year ended 25 September 2022. It took in £8.8 billion in bets, up 25.8% year-on-year previous.

Turnover increased by 37.5% year-on-year to £723.2 million, while operating profit was £36.8 million, an increase of 38.1%. Profit before tax increased from £6m to £37.7m and total profit rose by £14.3m to £19.5m.

The 2021/22 financial year included Betfred’s expansion into Louisiana and Arizona in the United States. However, the company was also fined £2.8 million by the UK Gambling Commission for failings in relation to money laundering and social responsibility.

UK bookmakers are no longer looking to sell SIS

Catalyst Media has confirmed that Sports Information Services (SIS) is no longer for sale. The shareholder stated that the sale is not considered the best option after signing new contracts.

SIS transmits horse racing and related data to betting shops and online betting sites. Catalyst owns 20.5% of SIS as its sole interest. Entain’s Ladbrokes owns 23%, 888’s William Hill owns 19.5%, UK Tote owns 6% and Betfred founder Fred Done owns 7.5%.

Previously, it was reported that they had engaged Oakvale Capital, gambling mergers and acquisitions consultants, to explore a possible sale of SIS with a target price of £200m. It was reported that there was strong interest from potential bidders, both financially and strategically.

About Betfred

Betfred is a British bookmaker. Its name is a combination of two words, bet and Fred, the name of one of its founders, Fred Done. The company initially established itself as a single store in 1967 in Ordsall, Salford, in the Greater Manchester region of North West England.