Bet365 Revenue Nearly Hits £3 Billion Mark, Turnover Soars to £64.5 Billion
Online gambling behemoth bet365 has reported another year of revenue growth and operating profit increase on the back of good FIFA World Cup in the summer of 2018 and significant investments in proprietary gaming products and native apps in several regulated markets.
The company’s latest accounts show that its sports betting and gaming revenue amounted to £2.98 billion in the 53 weeks to March 31, 2019, up 10% year-on-year. Operating profit increased 12% to £767.1 million.
Bet365 put down its latest successful year to bookmaker-friendly FIFA World Cup results, reduced direct costs, and an additional week of trading activity, among other factors. The company also noted that its significant investments in in-house built content and native apps have been paying well.
The operator’s active customer base soared 23%, as did turnover. Bet365 handled just under £64.5 billion in bets during its latest full fiscal year.
In-play betting accounted for 79% of the company’s overall betting revenue. It was up 2% from the previous year. Mobile betting saw an 18% increase in the fiscal year to March 31. It should be noted that growth in mobile wagering was slower than the one recorded in the previous fiscal year when it improved 29%.
Bet365’s latest account records show a 15% increase in the number of the company’s staff to 4,646 people.
”Unwavering Commitment” to Player Protection
Commenting on their latest results, Bet365 Co-CEO Denise Coates said that they will continue to make sure that their operations are “suitably resourced to manage business growth, deliver innovative product development, provide a safe and high quality customer experience, maintain robust processes that ensure compliance with the requirements of multiple regulatory frameworks and maintain their collective position at the forefront of the industry.”
It is to be seen how much Ms. Coates will receive for her role as Bet365’s boss this year. Last year, her bumper pay rise made her UK’s highest-paid boss. She received £265 million in the previous financial year, including dividends. Her pay was £48 million higher than the total she received in 2017.
Ms. Coates further noted in the company’s latest accounts that their “ambition to provide world-leading products and services is matched by an unwavering commitment to deliver industry-leading approaches to player protection.”
The Bet365 boss went on that they have implemented a number of measures to provide safer gambling products, including an early risk detection system which monitors customers’ betting patterns to detect any signs of potentially concerning behavior.
Bet365’s risk rating system recently came under media fire in Australia where a former company customer account supervisor revealed that the system blocks bettors who win биг to prevent them from winning even bigger amounts and preys on those who lose by letting them wager bigger and bigger amounts.
Source: Turnover and profits soar as bet365 post strong set of accounts, Racing Post