Betting Shop Services, one of the largest UK companies offering sports betting solutions via its subsidiaries, has reported strong year-on-year growth, owing to retail growth.
Betting Shop Services Cites Strong Growth in 2018
Betting Shop Services (BSS) has managed to post even stronger numbers in 2018, enjoying an expansion of its operations, and most notably – profits. It has all been done thanks to the betting shops that the company helped set up under its subsidiaries, JenningsBet and Betterbet. Though not as well-known as other names in the United Kingdom, the pair of brands managed to perform well in the months up to April 29, 2018, though there was more than one reasons for JenningsBet to be in hot water, for example.
Even though analyzing the actual numbers took the company another five months, the results should give them every reason to be happy with the performance indicators. As a result of their activities, turnover reached the respectable $51.6 million in 12 months, which marked a 12% increase from previously $45 million a year before.
Betting Shop Services did not chalk up the results to a fluke, elaborating on the specific reason that has allowed the company to grow. According to the brands own analyses, the growth was occasioned by self-service betting terminals (SBBTs) based on-site the retail properties of the brand.
Even then, BSS cautioned that the amount raked in via the physical slots wasn’t as significant as the amounts generated by the online and retail sectors. With a bigger turnover, profit also went up 12% to around $33 million.
The Results that Mattered for BSS
Despite the regulatory headwinds, BSS’ results did not falter. A mild increase in administrative expenses (2.3%) seemed rather more serious than anything the government could enact. Last year’s loss of about $6 million has been replaced with a profit after tax to the tune of around $350,000, which while modest – still demonstrates BSS’ ability to quickly recuperate from an ill-advised financial situation.
The results weren’t commented on by competitors, but the company’s Managing Director, Greg Knight, was absolutely pleased with the work that had been done in the year before expressing his satisfaction openly for Insider Media.
The figures are the result of a lot of hard work from a dedicated workforce as well as investment. – BSS Managing Director Greg Knight
The strong growth of the company was in no small part occasioned by the World Cup which clearly benefited the gaming operator, helping it patch up the gaping losses and quickly upend its fortunes. Nevertheless, the company has not blinded itself of the dangers that lie ahead.
Without a major sporting event to prop up the betting activity in the coming months and the development of the Fixed-Odds Betting Terminals (FOBTs), which promises to affect businesses big and small by reducing the total wagers from £100 to £2.
Mr. Knight commented that the company’s executives are keeping a close eye on the developments related to the case and are carefully charting a course of action for BSS and its subsidiaries whereby they can caution any negative impact that stems from the significant legal changes that will come into effect in 2019.