Finance

Betting shop services return to profit

profit concept

At a time when the retail betting industry in the UK is under immense pressure, one regional betting operator has been thriving, according to new figures.

Betting Shop Services Ltd, which operates the betting brands Betterbet and JenningsBet, and currently has over 100 betting shop facilities throughout the West Midlands and the South of England, has seen an increase in turnover and a return to profitable trading.

Figures show that year-on-year turnover at Betting Shop Services grew to £40.1m, which was up from a level of £35.7m in the previous year. The company was also able to report a pre-tax profit of £266,019, which represents a significant turnaround from the previous year’s pre-tax loss of £4.2m. The company also saw operating profit grow from £319,606 to £2.1m.

Horse racing revenue

Betting Shop Services was formed in 2009 when long established operator JenningsBet – one of the UK’s oldest bookmakers – merged with Betterbet. The company has its headquarters in Epping, and operates betting shops throughout the south of the UK, in Essex, Kent, Bedfordshire, Berkshire, Hampshire, Buckinghamshire, Cambridgeshire, Hertfordshire, Middlesex, Norfolk, Suffolk and London. It also has a number of premises in Cannock, Birmingham and Coventry.

According to the managing director of Betting Shop Services, Greg Knight, the figures were partly the result of a strong World Cup performance and associated growth in their football betting product, but was primarily down to an increase in horse racing revenue:

Horse racing is our core product and there were some great meetings last year. Our Grand National turnover was up year-on-year.”

Knight also said that the company had been working hard to compete in a tough market, and expressed confidence that retail betting, which has more of a social element to it than online gambling, would be able to withstand short-term difficulties.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The Latest

To Top