UK betting firm BetFred has announced that they lost money last year due to the UK's new point of consumption tax, the closure of its Australian site, and lucky bets placed by punters.
The company posted a £76.7 million loss for the fiscal year ending September 27th, 2015, which is a huge drop from the £31.5 million profit posted the year prior. The loss was due to what the company claims were exceptional terms, which will not be repeated for the next fiscal year. Even though the company posted a loss, the company's weekly turnover was up £30.7 million to £200.7 million.
Recent developments seem to be more positive for BetFred, as the company announced that it had signed a deal with Sky Sports to put the channels in all of its 1,360 retail shops, and there has been a number of recent sponsorships that the company has signed to boost its brand.