UK bookies across the UK have been struggling since the COVID-19 pandemic, with profits plummeting in recent years. However, not Betfred. The renowned bookmaker has announced a substantial increase in profits as losses from gamblers in the UK continues to mount.
Betfred Reports £723 Million Turnover In 2022
Betfred are one of the household names of sports betting in the UK. Following the COVID-19 pandemic, many UK bookies struggled and are continuing to struggle in the following year.
However, Betfred have announced that their turnover skyrocketed by almost £200 million in the fiscal year leading up to September 25th 2022. Their turnover reached a staggering £723 million, with over £20 million in pure profit.
The previous year, Betfred’s wagering figure was approximately £7 billion. The following year, Betfred’s customers alone wagered an impressive £8.8 billion – almost a £2 billion rise.
This figure is still substantially lower than 2019, prior to the COVID-19 pandemic. Betfred customers wagered over £10 billion in 2019, so it is evident that UK bookies are still recovering in the aftermath of the global health crisis in 2020.
In November 2021, Betfred’s billionaire owners, the Done family, rewarded themselves with a dividend of £50.8 million. It is evident that the COVID-19 pandemic had a detrimental effect on UK bookies, including Betfred. However, the company successfully navigated the challenging circumstances through an upsurge in online gambling.
Despite Betfred closing down 51 shops during the previous fiscal year, they still have 1,419 shops across different locations in the UK. The bookmaker incurred a significantly higher machine-gaming duty of £54 million, which is a rise of £23 million from the previous year.
It is evident that sports betting companies are still feeling the effects of the global health crisis, but Betfred are one who seem to be performing better.
Moving forward, Betfred have expressed it’s commitment to reviewing the policies and ensuring responsible gambling practices moving forward. Betfred has recently donated £84,000 in Prostate Cancer UK, following the Betfred British Masters golf tournament. For ever eagle that was recorded in the tournament, Betfred donated £2000.
Betfred have raised almost £200,000 for the charity over the past three British Masters tournaments, further emphasising the importance of raising awareness alongside financial contributions.
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