A report that was recently published by the Irish Independent has confidently stated that Betfred has been successful in its bid to purchase around 350-400 betting shops, that were previously owned by Ladbrokes and Coral.
Both Ladbrokes and Coral have been required to shed these high street branches in order to complete a merger between the two companies. This is not insignificant news, and will see Betfred’s influence in the betting market increase significantly.
Some have expressed concern at Betfred’s operational costs rising sharply this financial year as a result of closing this deal. Bookmakers who’ve had a rocky financial year, have been known to roll back a lot of their offers, which we, as matched bettors, utilise. With this in mind, should we be worried? The general consensus in the matched betting community is, no, not really. This is an aggressive move from Betfred, so despite mounting operational costs, their mission is clear. And that mission is to become a major player in the UK gambling scene.
This move in the market also coincides with a ‘changing of the guard’ at the top of Betfred as an organisation. Long-time CEO, John Haddock, has stepped down. To say that Haddock has been regular feature at Betfred would be an understatement. His service to the company has stretched some 30 years. Interestingly, Betfred has not disclosed the reason for Haddock’s departure. So we, at Heads&Heads, can only speculate. However, some news sources have attributed it to Betfred running a significant operating loss for nearly 2 years: £76.7 million in year ending September 2015 to be exact.
It is certainly a bold move from Betfred. Having their long time CEO leaving and simultaneously taking on 250+ shops. One thing is for certain though, they are on a charge and we would not be surprised if there was a noticeable increase in Betfred Reload offers in the coming months.
So if you are not already a member, make sure you sign up to the Heads&Heads free trial to get access to the Betfred welcome offer!