Betfred turnover tops £13 billion in 18 month results

The Betfred Group which operates the Betfred, Totepool and Totesport.com brands has reported turnover for the last 18 months of £13.2 billion from September 2014.

Chief Executive John Haddock said the bookmaker was delighted with its performance over the last year and a half. The company posted profits of £593 million on the turnover which is a rise from £362 million in the previous 18 months, which meant the bookmaker paid back £40 million to the horse racing industry.

In its report Betfred said they have drilled down on their net debt down £68 million and now stands at £145 million.

“Although we have faced increased taxation, regulation and a very competitive market place we are delighted to report a positive set of results,” Haddock said, in an article in the Manchester Evening News newspaper.

“We are pleased to continue our support for racing and once again we have over-delivered on our promise to the government when we acquired the Tote and delivered £19.1m in direct contributions.

“This, together with our levy payments, equates to a total payment to racing of £37.7 million in the 18-month period and we are proud to continue to be one of racing’s biggest sponsors.

“Our estate of just under 1,400 betting shops continues to perform well and there’s been major improvement in our online and mobile offerings.

“Totepool continues to grow and in this period we had a record-breaking Scoop6.

“We have a clear message across the Betfred Group to all our customers to keep gambling fun and gamble responsibly.”

The company employs over 10,000 people across its businesses and has some 1,400 betting locations in the UK.