Revenue continues to climb
Online betting giant Bet365 has released an impressive annual report for the financial year ending March 31, 2019.
Bet365 has reported revenue of £2.98bn ($3.92bn), which represents year-on-year growth of 9.7%. After taxes have been deducted, this leaves a massive profit of £681.7m ($896m). Compared to last year, this is an increase of 16%.
revenue of £2.98bn ($3.92bn), which represents year-on-year growth of 9.7%
It is worth noting that due to Bet365 being a private company, it can choose what account information is made public. However, one key piece of information it did highlight was an annual increase of 23% in its active customers. Bet365’s betting handle for the year was £64.5bn ($84.5bn), which represents a year-on-year rise of 23%.
Catalysts for success
One of the main drivers behind the increased betting revenue was the 2018 FIFA World Cup, which is always a major betting event when it comes around every four years.
Other areas attributed to being catalysts to this success include the significant investment the company made in creating proprietary game content, as well as the launch of numerous native apps across various regions. The company is targeting the burgeoning online gambling market in the United States and many other regulated regions.
Impressive figures
Live betting was reponsible for 79% of the company’s revenue. Betting revenue from mobile devices increased by 18%. In the previous year, this metric rose by 29%, which highlights how bettors are continuing to make the transition from desktop to mobile.
Taxes totaled £106.5m ($140m) for the period. This was more than the £78.2m ($102.8m) paid in taxes in the previous year.
Recent controversies
In November 2018, a significant remuneration package was given to Bet365 CEO Denise Coates. She received a wage of £265m ($348m), as well as dividends. This payout made Coates the highest-paid female CEO in the history of corporate Britain. It also is double the wages of all players under contract at Stoke City FC, an English soccer club owned by the Coates family.
double the wages of all players under contract at Stoke City FC
There was also an investigation into allegations that Bet365 was paying cash rebates to losing gamblers. The rebates were supposedly worth up to 10% of losses. This scandal was exposed through an undercover investigation by the Daily Mail team.
If a Bet365 player hit a certain net loss threshold, they would also be in with a chance of winning tickets to sporting events. The company responded to these allegations, highlighting its approach to protecting problem gamblers.