Betfred, one of the UK’s leading bookmakers, has reported increased profits despite losses from UK gamblers. The company’s pre-tax profits rose by 6.3% to £77.6 million in the year ending 31 December 2017. This is despite a decline in profits from UK customers, which fell by 3.7%.

The company attributed the increase in profits to a strong performance from its international operations. Betfred’s international business grew by 8.2%, with profits from its Irish and Spanish operations increasing by 11.3% and 16.3% respectively. The company also reported a rise in profits from its online operations, which increased by 14.3%.

The company’s chairman, Fred Done, said that the results were “encouraging” and that the company was “well-positioned for future growth”. He also highlighted the importance of the company’s international operations, which he said had “contributed significantly to our overall performance”.

Despite the positive results, the company has warned that it is facing increasing competition from other bookmakers and online operators. The company has also warned that the UK government’s proposed changes to gambling regulations could have a negative impact on its business.

Overall, Betfred’s results demonstrate that despite losses from UK gamblers, the company is still able to generate profits through its international operations and online business. The company is now looking to focus on its international operations and online business in order to ensure future growth and success.