British bookmaker Betfred has posted a profit of £128.8 million for the 78-week period ended 30 March 2025, mostly due to a reduction in operating costs following the company’s exit from unprofitable overseas businesses.
After changing its year end from September to March, Betfred’s turnover for the 78-week period was £1.46 billion, compared to £908.0 million in the 53-week period ended 1 October 2023.
Retail gambling accounted for revenue of £894.8 million during the period, with online gambling contributing £563.6 million.
The operator paid £197.9 million in betting duty during the period, alongside machine gaming duty of £90.3 million, statutory betting levy of £18.0 million and commissions of £77.4 million.
Administrative expenses were £811.0 million, while goodwill and license amortisation amounted to £56.6 million. After a charge to exceptional costs of £3.4 million, operating profit for the period amounted to £209.7 million.
This was mainly attributable to the company exiting unprofitable overseas businesses, a reduction in exceptional items mainly due to the impairment of all US assets, and a provision of £40.0 million for onerous contracts in the prior period.
After tax of £59.8 million, profit for the 78-week period amounted to £128.8 million, compared to a loss of £71.7 million in the prior year period. The total includes a net profit of £41.4 million from Lottostar in South Africa.
An interim dividend of £25.4 million was paid during the period, compared to nil in the prior year, with no final dividend paid.
Financial Results for 78 week period ended 30 March 2025 (£000)
| 78 week period ended 30 March 2025 | 53 week period ended 1 October 2023 | |
| Turnover | 1,458,457 | 907,987 |
| Betting Duty | (197,919) | (120,220) |
| Machine Gaming Duty | (90,302) | (56,854) |
| Statutory Betting Levy | (18,003) | (12,589) |
| Commissions Paid | (77,448) | (45,214) |
| Gross Profit | 1,074,785 | 673,110 |
| Administrative Expenses – before goodwill & licence amortisation | (811,037) | (575,003) |
| Administrative Expenses – goodwill & licence amortisation | (56,563) | (39,886) |
| Administrative Expenses – exceptional costs | (3,414) | (60,850) |
| Other Operating Income | 5,894 | 3,096 |
| Operating Profit | 209,665 | 467 |
| Income from Other Fixed Asset Investments | 6,509 | 2,320 |
| Fair Value Gains On Other Fixed Asset Investments | 9,210 | 2,746 |
| Interest Receivable and Similar Income | 13,026 | 5,729 |
| Re-measurement of Mandatory Dividend Liability | (33,931) | (33,384) |
| Other Interest Payable and Similar Expenses | (15,797) | (13,725) |
| Tax | (59,834) | (35,845) |
| Total Profit/(Loss) | 128,848 | (71,692) |
During the period, Betfred ceased trading in nine US states, disposed of its online business in Spain, and acquired South African service provider Betting World.
The development of the company’s online platform continued with total development costs of £88.3 million included in intangible assets. The platform went live in December 2023 for new customers and existing customers were successfully migrated at the start of 2024.
Betfred made charitable donations of £1.4 million to various recipients, including local charities and gambling related charities.
At the end of March 2025, Betfred operated 1,351 licensed betting offices (LBOs), down from 1,387 in the prior year period.
The company’s cash and cash equivalents fell to £59.0 million at the end of the period, down from £67.7 million in the previous year.