Bet365 breaks £2bn revenue barrier

UK sports betting and online casino operator Bet365 have announced a 39% increase in its financial year on year revenue for 2017, enabling the company to record more than £2bn in revenue for the first time in its history. 

In its full financial filing for the 2017 financial year, the company reported revenue of £2.15bn, rising from the £1.65bn reported during the previous twelve month reporting period. 

Company operating profit increased 15% to £503.9m from its previous total of £456m, while pre-tax profits grew to £514m from the £459m reported during the 2016 financial year. 

The company also confirmed that the amount that its customers bet on sporting events increased by 27%, while the number of active customers on the company’s website rose by 35%. 

Revenues from in-play betting represented over 72% of the company’s total sports revenue during the period, with mobile sports revenue growth remaining the most popular medium for sports betting, delivering revenue growth of 61%. 

Bet365 Joint Chief Executive Denise Coates attributed the rise in financial performance was due to a fall in the value of sterling and positive figures from the Euro 2016 football tournament. She also said that product enhancements including 'Edit My Bet' and 'Auto Cash Out', had also benefitted the company’s revenue figures. 

Keen to reward its staff for the positive revenue growth, staff costs rose from £315.8m in FY 2016 to £585.1m during financial year 2017. The company also made a £50m donation to the group's charitable operation, the Denise Coates Foundation during the period. 

According to reports in the Racing Post, Coates is keen for the company to continue with its expansion plans and build on its current licences in the UK, Spain, Denmark, Italy, Gibraltar, Malta, Ireland, Australia, Bulgaria and Cyprus. 

Ms Coates said that: “Given the group’s experience in regulated markets it believes it is well placed to benefit long-term in those countries where sensible regulation is adopted.” 

Citing the recent £2.3m penalty package given to Ladbrokes Coral subsidiary Gala Interactive over its failure to identify two problem gamblers who went on to lose over £1.3m in stolen funds, Coates also reaffirmed Bet365’s ongoing commitment to responsible gambling, saying the company “recognises its responsibility to minimise gambling-related harm and to keep crime out of gambling.” 

Coates added: “The group continues to work with research partners on a number of projects to improve its methods of identifying harmful play and deliver more effective harm-minimisation interventions.” 

“The group has also invested in the development of its own predictive algorithms in order to improve the accuracy and reach of existing measures. The scope and reach of Bet365’s predictive system has been expanded with the addition of new markers of potential harm. In addition, a refined set of harm-minimisation interventions has been developed.” 

Source: https://www.gamblinginsider.com/news/4457/bet365-breaks-2bn-revenue-barrier