Betfred had an excellent financial 2022 (ending 25 September), as its gross profits reached £542.9 million, a 38.8% increase over the £391.0 million made in the previous year.
A total of £8.8 billion was wagered with Betfred in 2022, a year-on-year increase of 25.8%. That said that increase did lead to growing payments, leading to turnover growing by 37.5% year-on-year. Betting duty was the highest of this type of payment at £76.8 million, followed by machine betting duty at £53.8 million and commissions at £38.2 million.
Arguably the most significant increase seen by the betting operator is the growth in pre-tax profit – from £6 million in 2021 to £37.7 million in 2022. Tax on profit reached £18.2 million, leading to total profits of £19.5 million, up from the £14.3 million made in 2021.
Further Growth as Betfred Crosses the Channel
The financial year saw Betfred make a splash in the US, as the operator launched in Louisiana and Arizona. It also started expanding its presence in South Africa by signing a deal with LottoStar, the biggest online betting operator in the country.
While, as mentioned earlier, Betfred had a record financial year, it did receive some bad news days after it ended. This is due to Betfred’s parent company, Petfre Limited, receiving a £2.8 million fine from the UK Gambling Commission following a number of social responsibility and anti-money laundering (AML) failures.
These include a case where a customer lost £70,000 within a day after opening their account, while another customer deposited £20,7000 and lost £10,200.
Not that this affected the fortunes of Betfred owners Fred and Peter Done, mind – after all, the two brothers have managed to make it in the 2023 Sunday Times Rich List. They currently stand in the 93rd position, and that is despite not paying themselves a dividend in financial 2022.
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