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Betfreds Declining Profits
BETFRED PROFITS DECLINE
Fiscal 2015 plagued by increases taxation and losses to punters.
The UK online and land gambling group Betfred has posted its results for fiscal 2015 ended September 27 2015, reporting that increased taxation and some pro-punter sports betting results have put a dent in its performance.
The company reported an operating loss of GBP 76.7 million, a substantial decline year-on-year from the profit of GBP 31.5 million achieved in the preceding year, although that included an additional 26 weeks, and on a truly comparative like-for-like basis earnings at GBP 56.5 million were up 7.5 percent.
The UKs 15 percent point-of-consumption tax on internet gaming did much of the damage, along with higher taxes and more restrictions on FOBTs in the retail division, although punter victories in betting events also went against the bookmaker. The company claims that taxation alone chopped GBP 16.3 million off 2015 earnings.
Further negative impacts were incurred through the closure at the end of 2014 of Betfreds Australian online venture, which is listed as a component in the companys GBP 87.3 million of exceptional items - a ten-fold increase.
Notable among the financial numbers was the GBP 13.3 million cut Betfred paid to the British horseracing industry - up GBP 500,000 on the preceding year and well ahead of its voluntary commitment of GBP 9 million.
Betfred is still a force to be reckoned with; turnover is up almost GBP 30 million y-o-y at GBP 200.7 million a week, but some cost-cutting has taken place in the form of the Wigan support centre closure, with the expense of GBP 469,000 in severance pay to employees.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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