Betfred full-year revenues up 15% to £728m

Betfred have filed papers with Companies House confirming the reports of substantial growth in revenues for the year. The online UK bookmaker made a 15% rise in the yearly revenue from their sportsbook operation with £728m.

Arrows representing business growth

Betfred have reported major growth for the previous year. © Pixabay.

The firm has attributed the success of revenue earnings by an increase in its customer base on the online sportsbook and increase in its retail estate. It is an interesting consideration to make, as the business is uniquely positioned between vibrant retail and online business, with gains being made on both domains.

Total amounts wagered at the Betfred also climbed 6.4%, coming in at £13.5bn, with the firm enjoying a profitable trading margin of 5.4%. With these mission-critical key performance indicators giving stakeholders a lot of optimism, the firm is further doubling down on technological innovation and has several new products in development.

A statement from Betfred’s Head of Digital Product said:

“Our online customers now have access to stat-rich betting tips across the biggest events spanning the full sporting calendar. said Lewis McMillan, Betfred’s head of digital product. This product breaks through the humdrum approach of delivering raw sports data to customers and blends data with expert opinion to offer a truly compelling customer proposition. Lewis McMillan, Head of Digital Product @ Betfred

Despite the positive results of the previous year, the firm still made a significant operating of £41m: this was partly explained by the executive decision taken by many of the UK’s high street bookmakers to cancel the capability for customers to bet high amounts on the Fixed Odds Betting Terminals. This has had a profound impact on the bottom line of the majority of the high streets biggest betting operators.

Betfred launches a new desktop version

The new Betfred platform reached stable release last month and was the result of a 6-month collaboration between the Betfred in-house developers and the tech consultancy Degree 53. The new platform has been exquisitely designed, taking in multiple data sources to offer users one of the best user interfaces for desktop and mobile. The new application is a firm statement from the operator, who is certainly looking to expand again in the following year and gain a major stronghold over the competition in their market.

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