Betfred reported post-tax profit of £129m, according to a report on its results. The UK bookmaker attributed improved revenue and EBITDA to cost savings and stronger performance across its divisions.
The result gives investors an update on Betfred’s profitability following its US exit and sale of its Spanish business.
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Betfred has attributed its decision to close 132 retail betting shops partly to higher gambling taxes. HM Treasury said gambling duty rates for high street shops have not changed, disputing the tax argument. The Betting and Gaming Council said the closures showed its warnings about tax increases were materialising.
HM Treasury has rejected blame after Betfred announced the closure of over 130 shops. The dispute follows industry claims that tax rises are responsible for the closures. Betfred operates more than 1,200 betting shops across the UK.
It was reported that Betfred plans to eliminate 600 jobs and close 132 UK shops. The operator attributed the reductions to higher gambling taxes and other cost increases.
Sporting Risk partnered with Betfred to provide player-prop and bet-builder capabilities for the bookmaker, according to the report. The supplier’s pre-match and in-play tools will support Betfred’s sports betting offering.
Betfred and Sportradar extended and expanded their partnership under a multi-year agreement covering technology for Betfred’s 1,300 UK retail outlets. Sportradar will upgrade the retail platform and continue improving it; the companies did not disclose financial terms or a deployment schedule.