The total amount wagered with Betfred for the year was £8.80bn, rising substantially by 25.8% year-on-year.
The operator’s gross profit was £542.9m, compared to the £391.0m recorded in 2021.
This total was the result of numerous payments, which decreased the £723.2m turnover to the gross profit total. Turnover rose by 37.5% year-on-year.
Betting duty was the highest payment of this type, totaling at £76.8m. Machine betting duty hit £53.8m, while commissions paid came to £38.2m. Statutory betting levy totaled at £11.3m.
The gross profit was decreased by various payments. Administrative expenses before goodwill and licence amortisation came to £491.7m. Administrative expenses including goodwill and licence amortisation were £15.1m. Exceptional cost hit £2.2m, while other operating income offset the expenses slightly by £3.0m.
Total profits
This resulted in operating profit of £36.8m, up by 38.1%. Two expenses – loss from other fixed asset asset investments and interest payable – came to £4.1m. However, this was offset by interest receivable income, at £5.1m.
This brought Betfred’s pre-tax profit to £37.7m. This was one of the most significant rises of the year, up by £31.7m from £6.0m in 2021.
Tax on profit was recorded at £18.2m, bringing the total profit for the year to £19.5m. This was a rise of £14.3m from 2021.
Activities during the year
Betfred’s financial year saw the operator expand in US states, with launches in Louisiana and Arizona.
The operator also looked at expanding in South Africa through a deal with LottoStar.
Days after Betfred’s financial year ended, its parent company Petfre Limited received a fine of £2.8m from the GB Gambling Commission. This was due to failings in the realms of anti-money laundering and social responsibility.
Original article: https://igamingbusiness.com/finance/betfred-wagering-and-gross-profit-2021-22/
