May 01, 2012

Betfred bets on online expansion

Fred Done is reportedly considering expanding into eastern Europe. It’s been speculated that Done is also looking to grow his online business in a bid to keep up with the rapidly evolving online sector. He won the North West Ambassador Award at The Business Desk’s North West Business Masters awards last week and said he’d want to move his online business from Gibraltar to the north west if taxation is changed.

The Business Desk reported that Done confirmed the company has been offered a business in eastern Europe, but that the big growth for story is going to be the online business. Over the last three years Betfred has grown 80 per cent, 85 per cent and 60 per cent, but Done said that the online business “should be in this country” rather than in Gibraltar and that taxation has to be changed to allow the company to bring jobs back to where it is based.

Betfred last year acquired The Tote for £265m, the integration for which was completed by January, two months before the initial target was set.

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