‘Significant’ job cuts after football punters get better of Stanleybet
Betting group, Stanleybet, has reported an annual loss after football punters got the better of the Liverpool-based operation, leading to “significant” job cuts.
The group, located in The Plaza in the city’s Old Hall Street, has published its annual results for the year to December 31, 2024, at Companies House.
It operates around 2,000 sites throughout the UK and several EU member states.
It revealed turnover of £67.77m for the 2024 financial year, down from £72.43m in 2023.
A pre-tax loss of £10.93m, compares with a pre-tax profit of £1.89m in 2023.
The level of total dividend paid out for 2024 was £1.12m, down from £1.966m the previous year.
Cash and cash equivalents at the end of the year stood at £3.84m, compared with £9.74m in 2023.
In response to its poor performance in the second half of the year, Stanleybet has closed its loss-making Cypriot and Spanish operations, cut back on project activity and implemented a “significant” reduction in jobs in early 2024.
When the group relocated from its former Exchange Station offices to The Plaza, it said around 100 staff would be based there. Prior to the redundancies, Stanleybet employed around 3,000 staff throughout the UK and Europe.
The directors’ notes in the report said their remedial action has led to “an improvement in the financial strength and cash reserves for the business during 2024”.
The accounts reveal punters bet £701.252m in stakes in 2024, up from £652,572m in 2023.
Addressing the loss, the report says the main contributory factors were “a sustained period of player-friendly sports results from the start of the 2023-24 football season in the second half of the year, and settlement of some Italian betting tax demands under a long term payment plan.”
However, the directors’ report adds: “While the gaming industry is highly competitive, it brings with it opportunities and the directors continue to be optimistic about the group’s future prospects.
“The group continues to look for new geographical markets. The directors continue to have confidence in the future profitability of the group.”
Stanleybet was originally founded in Ireland and moved its head office to Liverpool in 1979.
