Profits and wagers increase at Betfred as Covid-19 recovery continues

Betfred have posted improved profits helped by the lifting of Covid-19 restrictions from their chain of betting shops, according to the company's latest set of accounts lodged with Companies House.

The group's profit after taxation for the year to September 25, 2022 was £19.6 million, up from £5.3m in 2021, while amounts wagered with the group increased by around 25 per cent to £8.8 billion.

However, that figure was still below the £10.1bn recorded in 2018-19 before the pandemic struck.

Amounts wagered, turnover and Ebitda (earnings before interest, taxation, depreciation and amortisation) in the group's betting shops increased compared to the previous year as results were "impacted by the closure of shops for part of the period due to Covid-19", the accounts said.

The size of Betfred's retail estate continued to contract during the year, with the group operating 1,419 betting shops at the end of the period in September, down 51 on the 2021 figure and 159 on the pre-pandemic level. The accounts said that loss-making shops were constantly under review and closed when necessary.

Betfred have been establishing a presence in the burgeoning American gambling market and the accounts noted that the company had started trading in a further three US states during the period "and plans to be live in additional states in the future".

The group is also expanding in South Africa, adding local operator Sepels to their previous acquisition of the Betting World brand during the financial year, along with buying a majority stake in online gaming company Lottostar after the period's end.

Fred and Peter Done, owners of Betfred, moved into the top 100 of this year's Sunday Times Rich List to 93rd after growing their net worth by £397m to £1.873bn. They paid themselves a near £50.8m dividend during their last financial year, according to the accounts.

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