Betfred reports 38.8% rise in full-year profit

Betfred’s gross profit reached £542.9m from £8.8bn in bets.

UK.- Betfred has reported that its gross profit rose by 38.8 per cent to £542.9m for the year ending September 25, 2022. It took £8.8bn in bets, a rise of 25.8 per cent year-on-year.

Turnover was up 37.5 per cent year-on-year at £723.2m, while operating profit was £36.8m, an increase of 38.1 per cent. Pre-tax profit was up 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 US. However, it also received a £2.8m fine from the British Gambling Commission for anti-money laundering and social responsibility failings.

UK bookmakers no longer looking to sell SIS

Catalyst Media has confirmed that Sports Information Services (SIS) is no longer up for sale. The shareholder said a sale is not seen as the best option following the signing of new contracts.

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

It had been reported earlier in the year that they had hired gambling M&A advisors Oakvale Capital to explore a potential sale of SIS with a target of a £200m price tag. It had been reported that there was strong interest from potential bidders both from financial and strategic backgrounds.