Betfred Disclose Pandemic Impact On Accounts

The impact of last year’s COVID-19 pandemic on Betfred Limited’s business units has been disclosed in the company’s 2020 corporate accounts (period reported up to 27 September).

As a result of the forced closure of its UK betting estates and additional COVID-19 changes, the Done family-owned betting firm saw their group wagers decrease from £10 billion to £6.5 billion.

Betfred saw decreases in all top-line indicators as corporate sales fell to £524 million, down 16 percent from FY2019’s £621 million.

Despite this, Betfred would report group operating profits (profits from operations and investments) of £104 million, up 40 percent from £75 million in 2019.

Long-running HMRC tax battle

Betfred won a long-running HMRC tax battle over misjudged FOBTs tax charges between 2005 and 2013, resulting in a £99 million credit back.

Betfred’s like-for-like betting duties remained at £55 million, while gaming machine duties fell to £38 million (FY2019: £64 million), according to a breakdown of operating expenditures.

Without its HMRC credit return, Betfred said it would have posted a full-year 2020 EBITDA of £35 million, down 27 percent from £48.5 million in 2019.

Betfred reported a reduction in group headcount to 6900 from 7,150 in its 2020 accounts, with the bookmaker compelled to assess all non-profitable units.

joe profile pic

About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.