Betfred reports strong annual results
Online revenue doubled thanks to Betfred’s stake in Lottostar.
UK.- Betfred has reported results for the year ending October 1. It said online revenue doubled to £331m due to its purchase of a 51 per cent stake in the South African operator Lottostar in 2022. Lottostar contributed £134m of revenue and £41m of net profit.
Meanwhile, retail revenue was up by 3.5 per cent at £577m despite the closure of 77 betting shops. EBITDA before exceptional charges was £117m, up from £67.8m in the previous year, while turnover was up 26 per cent at £908m.
However, the company saw a £71.7m loss due to various impairments on its US business. These included a precautionary £40m provision due to uncertain future profitability. Last year saw Betfred launch in four new US states, but it has since exited Maryland this year. The company appointed former Hard Rock Digital SVP Kresimir Spajic as US CEO in September.
Betfred’s board of directors recommended against a final dividend for 2023.
Rebranding of Betfred Technology
In May, Betfred announced that it had rebranded Sharp Gaming as Betfred Technology after absorbing the supplier into its business. Sharp Gaming’s founder Andrew Daniels has been named group chief information officer. The former Sharp will operate as its own technology department.
Sharp Gaming was launched in May 2020 backed by a £25m investment from Betfred founder Fred Done. Led by Daniels, founder of the agency Degree 53, as CEO, its focus has been on operational services for sports betting and gaming, particularly on developing a new platform for Betfred. That platform is now operational, including player account management, sportsbook and gaming aggregation.
