Betfred’s turnover sees rise, while profit takes a hit in 2023 annual report
Online gambling played a key role in the operator’s operations during the year.
Betfred has released its 2023 annual report for the 53-week period ended 1 October 2023, showing the comparative period for the 52-week period ended 25 September 2022.
Overall turnover for the business saw an increase of 25.6% year-on-year to just under £908m ($1.16bn), with both sectors of its operations growing during the period.
Retail gambling in 2023’s report was set slightly under £577m compared with 2022’s figure which was £557.6m, while online gambling saw an increase of 99.9% to £331m.
While gross profit went from £542.9m in 2022 to £673.1m in 2023, operating profit saw a decline of 98.7% to £467,000.
Likewise, when looking at profit and loss after taxation, Betfred made a profit after taxation of £19.6m in 2022, but in 2023 the company saw a loss after taxation of £71.7m.
EBITDA, before exceptional items, for the period was £117.2m, representing an increase of 72.8% when compared to 2022.
In terms of charitable donations, the group made £926,000 during the period, compared with £194,000 in the previous year’s period.
In the January/February 2024 edition of Gambling Insider, Betfred CEO Joanne Whittaker took part in our CEO special, discussing her journey with Founder Fred Done, among many other areas.
In other results-based news, Macau last week released figures for gaming revenue in the region for the month of June, showing year-on-year growth in gross income of 16.4% to MOP$17.7bn ($1.72bn).
The trend seen here is similar to that of bet365, another UK-based operator, in its results earlier this year.
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