Betfred Group has posted a net profit of £112.6 million ($151.6 million) for its most recent reporting period, while the company has set out its ongoing commitment to flexibility across the business to mitigate the impact of exterior challenges.
The latest figures, published via Companies House on Sunday, covered the 78-week period through to 30 March 2025. This was due to Betfred changing its year-end date to March, with the prior period having ended 1 October 2023.
The change in reporting meant year-on-year comparisons were not possible for the most recent period. However, the figures for the 78-week period revealed improvements in some areas.
Retail continues to lead online
Turnover amounted to £1.46 billion, while gross profit after duties, levies and commission was £1.07 billion. Of this, £894.8 million came from retail operations, while the remaining £563.6 million was drawn from online activities.
Betfred’s main outgoing was administrative costs at £811 million, resulting in operating profit for the period topping £209.7 million. Pre-tax profit was also in the black at £188.7 million
The group paid £59.8 million in tax, leaving a profit of £128.8 million. However, Betfred also noted £12.8 million in negative foreign exchange impact and a further £3.4 million from the re-measurement of net defined benefit pension scheme liability.
As such, its bottom-line net profit for the 78 weeks was £112.6 million. While not directly comparable to the previous period, Betfred posted a £96.6 million loss in the 12 months ended 1 October 2023. In addition, EBITDA before exceptional items hit £293.8 million for the latest period.
Betfred talks up company flexibility
Among the key points raised within the report was Betfred’s willingness for flexibility across its business. The group controls several companies across retail, iGaming and its US-facing activities, which it divested in August last year after pulling out of several states including Maryland and Nevada.
“The board remains alive to, and monitors very closely, local economic conditions,” Betfred said. “We also anticipate adverse impacts on future profitability, strives to ensure group companies are free to innovate, and are both creative and competitive in their pricing and product offering.”
Aside from the company’s withdrawal from the US, the reporting period also included the sale of its Spanish business. Betfred Spain was sold off in September 2024 for £2 million, resulting in a £1.6 million profit for the company.
However, Betfred was able to increase its presence elsewhere. In October 2024, it acquired a South Africa investment holding company that owns 100% of BF SA Support Services. The latter operates as a service provider to the group’s South African business. It also holds a majority stake in LottoStar, which is active in the country.
This acquisition helped Betfred double its online revenue in its 2022-23 financial year.
Betfred falls foul of UK regulations
Betfred also made reference to its constant monitoring of regulations and commitment to abiding by local laws. It said the group is focused on “fostering a culture of compliance” and has invested in “effective” compliance departments.
However, after the reporting period, Betfred faced several regulatory charges in the UK. First, it was fined £240,000 in October by the UK Gambling Commission for breaching standards on some of its online slot games. A further payment of £825,000 was ordered in December over retail failings.
Meanwhile, Betfred made a development pledge to continue to improve its offering. During the reporting period, £88.3 million was spent on developing its new online platform, which went live in December 2023, with customers migrated in early 2024.
“By embedding innovation into our core operations, we ensure we remain adaptable and resilient in a dynamic marketplace,” Betfred said. “Ongoing R&D investment not only drives long-term value creation but also reinforces the group’s position as a leader in delivering cutting-edge, responsible, and entertaining betting solutions.”
Tests remain for retail business
While development was steered towards online operations, Betfred continues to face tests within its retail business. Betfred was one of several operators to raise concerns over how now-confirmed higher taxes in the UK could impact its betting shops.
In October, The Guardian reported that Betfred was considering shutting all 1,287 of its UK shops. This would put 7,500 jobs at risk across its retail network. This was largely in response to higher gambling taxes, which were confirmed by the UK government in November’s budget.
Betfred saw turnover exceed £1.40 billion during the 78 weeks to the end of March 2025.