Betfred to increase number of UK betting shops
January 21, 2009 by mbates
The UK based sports bookmaker Betfred owned by the Done brothers has published its plans for the expansion for their chain of betting shops that would result in the company opening its 800th store during the spring of 2009 creating 350 jobs in the process and this could grow to 1,000 stores in the following three years.
The company currently operates 775 betting shops from its headquarters in Warrington, it has currently been expanding at the rate of 80 shops per year, the Betfred currently employs 4000 staff with 350 based at the Warrington headquarters.
Finance director of Betfred; Barry Nightingale expected turnover to increase by 5% over the next 12 months taking operating turnover to £1.6 billion.
Betfred sell off online casino operations
January 19, 2009 by mbates
The UK based sports betting company Betfred has disposed of its online casino operations following several years of underperforming due to its belated entry into the online gaming market. The sale took place in 2008 but has only just been revealed by the recently filed companies accounts of Betfreds holding company Lightcatch Ltd.
The company’s casino gaming division will still however remain on the Betfred.com website as the group has kept its online sports betting division. The sale of Betfred NV has thought to have netted the owners of Betfred known as the Done Brothers in excess of £27 million. Although the division was profitable for Betfred it only made an operating profit of £3.3 million based on a turnover of £9.2 million in 2007.
Betfred’s finance director, Barry Nightingale said: “We have sold the online business, but we’re bound by the terms of the deal not to reveal any more details. It made commercial sense, but with our new partners the Betfred brand will continue to go from strength to strength in the online arena.”
