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BetFred Revenues Up 19 Percent

Tuesday December 17,2013  :  BETFRED SOARS
 
Revenue up 19 percent and further expansion in the works
 
The Manchester Evening News reports a strong year for privately-owned UK bookmaker Betfred.
 
Key highlights fro the year ending March 31, 2013 include:

  • Group Profit surge of almost GBP 70 million
  • Group Revenues of GBP 8 billion, up 19 percent or GBP 1.3 billion compared to the previous year
  • Group Pre-Tax Profit of GBP 69 million, up 30 percent on GBP 53 million the previous year
  • Reduction in debt by GBP 43 million to GBP 213 million
  • Tax contribution up 24 percent to GBP 89.6 million

Betfred's .com website posted underlying pre-tax profits of GBP 6.6 million compared to GBP 4.6 million the previous year representing growth of 42 percent.
 
The company's pledge of an annual contribution of GBP 9 million following its acquisition of the Tote exceeded expectations yielding GBP 12.5 million compared to GBP 11.7 million during the businesses final year of State ownership.  Together with levy payments, a total payment of GBP 24.4 million will be paid to Racing for the financial year.
 
Betfred has expanded its workforce by 400 to a total of 10 000 employees and further expansion is expected with the planned opening of another 30 retail stores which will create an additional 150 jobs.
 
“We are very excited about the future and are positive about the outlook for the business,” said Fred Done, co-founder of Betfred.

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Gambling News :

IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

Magic Spells SLot Launches - The penny slots’ Wild symbol is a bubbling cauldron which is an Expanded Wild that can cover up to four positions for multiple winning combinations.

Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

Lightning Box Games in Deal With Everi Games - Australian slot developer, Lightning Box Games, has entered into a distribution deal with electronic gaming content provider, Everi Games, for a selection of its proprietary slot content.

Storspiller HighRoller Casino Launches - Storspiller.com is targeted at “high rollers” within Kindred’s total registered customer base who play for GBP 200 or more per month.

Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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