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Bet365 reports revenue of £2.85bn for year ending March 2022

Posted: Jan 09, 2023 11:03 Category: Americas , Europe , Sportsbetting , Posted by Content Team

Bet365 has reported a revenue of £2.85bn for the financial year that ended in March 2022. This signifies a growth of 2.3% over the previous year.

Despite the revenue increase, however, profits went down significantly. This came as a result of increased administrative fees.

Data shows that the company’s profits for the reporting period under review was £41.7m, down from the £341.4m reported for the previous year.

Bet365 saw an increase in administrative expenses, which was driven by costs related to marketing in new markets (including the Netherlands, Buenos Aires, Colorado and Ontario), and ongoing investment in tech and IT.

Sports revenue decreased by 2% but gaming revenue was up by 25%. The company said the latter was linked to “significant” improvement of its products.

The company also said its active customers increased by 48%. This was significantly higher than the 13% increase registered for the previous year.

Bet365 also increased its staff numbers to 6,100 from 5,400. The company has also improved its safer gambling systems.

Bet365 CEO Denise Coates was paid an annual salary of £213.4m, which was, however, a 14.5% decrease over the previous year.

The company donated £100m to Coates’ charity.

 

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