Boylesports’ customers bet over €1 billion with the business last year, marking a breakthrough for the privately-held online and high street bookmaker.
The group, which has 180 bookie shops and an internet betting business, had been aiming at the nice round billion turnover target for some time.
By turnover, the company means the amounts wagered by its customers. Its gross win margins on this were in the 10 per cent to 12 per cent zone, in line with the industry as a whole.
This means that the company retained an average of 10 per cent to 12 per cent of all amounts staked in winnings, or, its customers lost an average of 10 cent to 12 cent out of every euro they bet.
The group’s parent, controlled by founder John Boyle, became an unlimited entity in 2008 and it has not been obliged to publish accounts since then, but in the years immediately preceding that, it came close to hitting €1 billion.
Dempsey says that a number of things got it over the line this time around. First, its acquisition of parts of both the Celtic Bookmakers and William Hill chains during 2011.
Celtic, owned by former government minister and broadcaster, Ivan Yates, went into liquidation in early 2011. William Hill pulled out of the retail market here after fighting a losing two-front battle against the recession and tough competition.
Turnover boost
Interestingly, Dempsey says that the company boosted turnover in those premises that it took over from its former rivals. In fact, so happy was Boylesports with the performance of the William Hill properties that it took on two more of its former outlets last year.
The company also invested €1 million in its technology systems and infrastructure and revamped its mobile app.
The move paid off last month as it meant that Boyles had no problems during the Cheltenham National Hunt Festival, one of betting's biggest events, while some of its rivals' systems went down.
Boyles did not escape one problem during Cheltenham, a run of results that meant the tide flowed firmly in the punters’ favour.
Dempsey agrees that it was tough, but says the festival was good for building the brand and signing up new clients.
Besides, he also agrees that a 66/1 winner of the Grand National at Aintree, just a week after a 50/1 shot took the Irish version, were both good for the bookies, who have never lost the knack of winning in the end.
