Betfred.com profits soar by 42%
UK bookmaker's online business sees profits rise to £6.6m as overall Group profits rise by 30% to £69m
Privately-owned bookmaker Betfred has revealed its online profits grew by 42% in the 12 months to 31 March 2013 to around 10% of total group profit.
Betfred.com posted underlying pre-tax profits of £6.6m compared to £4.6m recorded during the previous year, while overall Group profits were up by around a third (30%) to £69m.
Group revenues also increased during the year, up 19% from £6.7bn in 2011-12 to £8bn last year as the company started to leverage its June 2011 purchase of the Tote for £265m.
According to Gibraltar-licensed Betfred, the management objective when it acquired the Tote was to deliver £20.5m of profit in annual synergies but this year delivered £23.7m, despite the integration process still ongoing.
The Tote’s online platform remains separate to Betfred.com but it is expected to be rebranded and its customers transferred to the Betfred platform in the coming months. The Totepool, however, has been rebranded on racecourses with continued investment in facilities and new terminals expected.
The company, which employs around 10,000 staff, has pledged to create a further 150 jobs through the opening of 30 shops in 2014 “ adding to the 1,375 shops it currently operates.
The company is also gearing up for an Australia launch in early 2014 and in June hired former Centrebet global marketing head Luke Brill as its managing director in the country.
In April, the operator launched an in-house mobile sports betting platform, replacing previous supplier Mfuse while March saw the launch of its Betfred TV channel which is broadcast across its fleet of stores.