UK Gambling Operator Betfred Reports Operating Loss of £76.6 million

UK gambling operator Betfred has reported an operating loss of £76.6 million for the 52-week period ending 27 September 2015. In comparison, to the 78-week period ending 28 September 2014, where they made a profit of £31.5 million.

In its annual return, the UK-based provider stated that its financial performance had been affected by the increased costs and gambling taxes, which dropped operating margins. Additionally, the operator like its iGaming competitors was affected by adversative sporting results during the filed period.

The operator also experienced additional costs due to the shutdown of its business in Australia in December 2014 and a once-off damage of amity in respect of the purchase of its digital business.

Betfred Report Figures

Betfred also reported that,

• A gross profit of £10.4 billion for the 52 weeks to 27 September 2015 is equal to £200.7 million per week.
• A gross profit of £13.3 billion for the 78 weeks ending 28 September 2014, is equal to £170 million per week.

Commenting on its 2015 performance, Betfred representatives said “on an annualised gross basis, turnover for the period has significantly increased across the business as a result of an increased number of customers and an increased stake per bet. This demonstrates the group’s commitment and continued investment in both the UK real estate, the online presence through Betfred.com and totesport.com, and through Totepool betting on UK racecourses, and through internal partners.”