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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. 

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Gambling News :

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

Secret Symbol Slot - RTG will soon release 'Secret Symbol', a 5 Reel Video Slot on 3/15/2017.

Microgaming is set to release three exciting new games in March - Pollen Party will literally have players buzzing with excitement as the ground-breaking, 720 way variable reel online slot is brought to life in a unique honeycomb reel layout.

NBA Odds: Resurgent Clippers Face Warriors in Oakland - After a much-needed lineup shuffle, the Los Angeles Clippers (29-27 SU, 35-21 ATS) carry a four-game SU and ATS winning streak into Thursday’s game against the best team in the NBA, the Golden State Warriors (47-9 SU, 27-27-2 ATS). Tip-off is at 10:30 PM ET on TNT.

NBA Odds: New-Look Pelicans Host Rockets on Thursday - The New Orleans Pelicans just hosted the All-Star Game and saw their very own Anthony Davis win the MVP. But the celebration was brief because the next day, the Pelicans made a huge trade,

PokerStars.CZ has launched in the Czech Republic - PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republic’s new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.

Luckia Games in Partnership with NYX Gaming Group - NYX will provide Luckia with its open gaming system, NYX OGS, and open platform system, NYX OPS, to support the growth of its established Spanish operation.

Sunbets to Sponsor Sutton United - Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.

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