UK Giant Betfred Received £50m in Furlough While Profits Rose
United Kingdom-based bookmaker Betfred has reportedly claimed about £50 million in furlough payments from the Government even after enjoying rising profits during the pandemic period.
According to recent BBC revelations, Betfred operates around 1,500 bookmaking shops across the United Kingdom and got £28.1 million from furlough in the financial year ending in September 2020.
According to HM Revenue and Customs data, its subsidiary company, Done Brothers Cash Betting Ltd, received between £18.5million and £37.5million from Dec 2020 to May 2021.
Therefore, the total furlough payments claimed by the Birchwood-based betting giant and its subsidiary company during these dates are between £46.6million and £65.6million – the number does not include any monies received in October or November 2020.
Betfred saw its turnover fall from £621million to £525million in the year ending September 2020 because of the pandemic and its resultant lockdown.
However, the bookmaker still recorded substantial profits, up from £171million to £205million – lifted by ‘one-off gains,’ and £98million profit from a successful court case against HMRC for VAT paid on fixed-odds betting terminals between 2005 and 2013.
According to a Betfred spokesman, the pandemic had not led to the company making a single redundancy due to “the government’s job retention scheme.”
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