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Bet365 reports £3.72 billion turnover, up 9% y-o-y
Bet365 has reported a total turnover surged to £3.72 billion, up 9 percent and pre-tax profit of £626.6 million. This marks a remarkable turnaround from the previous year’s £72.6 million pre-tax loss. The company’s financial report also highlights significant growth in revenue and profitability, coupled with a strategic partnership with Inspired Entertainment to launch an innovative gaming product.
Strong revenue growth and recovery
The gambling operator’s total turnover surged to £3.72 billion, up 9 percent from £3.41 billion in the 52-week period ending 26 March 2023. Sports betting and gaming accounted for the lion’s share of this revenue at £3.7 billion, while its football club and facilities division contributed £23.8 million. Both segments posted growth, with sports and gaming rising by 9 percent and football-related revenues increasing by 10.8 percent.
Bet365’s gross profit rose by 4.7 percent, and operating profit hit £365.7 million, a stark contrast to the £37.3 million operating loss recorded the year before.
The company’s total comprehensive income for 2024 reached £501.2 million. This represents a dramatic reversal from the £61.2 million comprehensive expense reported in 2023.
CEO Denise Coates’ pay sees sharp decline
Despite the company’s excellent performance, CEO and Founder Denise Coates saw a pay cut sharply during the period. The emoluments for the highest-paid director were £94.7 million in 2024, representing a 57.1 percent decrease from the previous year. This may represent strategic financial decisions designed to further entrench the growth trajectory of the company.
New partnership with Inspired Entertainment
Bet365 has partnered with Inspired Entertainment to become the first UK operator to launch the supplier’s Hybrid Dealer Roulette game. This innovative offering combines live and RNG (Random Number Generator) elements to provide players with a unique and engaging gaming experience. The partnership underscores bet365’s commitment to staying ahead of industry trends and delivering cutting-edge entertainment to its customers.
Bet365’s stellar performance in 2024 highlights its position as a global leader in the online gambling sector. The company’s focus on innovation, customer experience, and operational efficiency has driven significant growth, even in the face of economic uncertainties and regulatory changes.
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