Premier League betting wins force Stanleybet into the red
Betters winning big on Premier League football match results contributed to Stanleybet entering the red, it has been revealed.
The Liverpool-headquartered company said a “sustained period of player-friendly sports results”, from the start of the 2023/24 football season, impacted its finances alongside online promotional activity.
It added that Stanleybet was one of a number of gaming companies those trading margins were “severely impacted” by the results.
Accounts filed late with Companies House show that Stanleybet fell to a pre-tax loss of €13m (£10.7m) in 2023.
The loss comes after the firm reported a pre-tax profit of €2.2m (£1.8m) in 2022.
Its accounts for 2024 are due to be filed with Companies House by the end of September this year.
The latest set of results also show that Stanleybet’s turnover fell from €86.4m to €80.9m while the amount staked rose from €779.1m to €837.2m.
A statement signed off by the board said: “While the gaming industry is highly competitive it brings with it opportunities and the directors continue to be optimistic about egg soup’s future prospects.
“The group’s strategy is one of growth with improved profitability.
“As the group continues to look for growth for its B2B and B2C betting businesses, investment continues in the group’s product offering and the markets in which the group trades.
“In addition, with a view to market entry, the group continues to look for new geographical markets where responsible gaming is promoted, regulations and tax regimes are fair and reasonable returns are available.”
Stanleybet added: “The directors continue to have confidence in the future profitability of the group.”