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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.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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