Bet365 breaks the £2bn revenue barrier
Stoke-based operator bet365 has broken the £2bn revenue barrier for the first time in its history, thanks to a massive 39% yearly increase in its online gaming and betting operations.
The figures were revealed as part of the firm’s 2016-17 accounts up to March 26th, with revenue reported at £2.2bn for the 12-month period.
The accounts read positively in almost all areas for the betting giant. Operating profit increased 15% up to £514m, while the total amount wagered on sports also increased by 27% in the 12-month period. This was helped by a 35% rise in the number of active players.
Live betting is another area where the operator excels. This aspect of the business also performed well, as it grew to account for 72% of total revenues for sports, helped by a number of new features.
The group is also the owner of local Premier League football club Stoke City, although the football club made a loss of £10.2m, after turning a profit the previous year.
Bet365 is owned by the Coates family, with Denise Coates joint chief executive along with her brother John. According to Denise Coates, the firm will continue to expand and is planning to build on its licenses across Europe. The accounts also made specific reference to the company’s commitment to protecting its customers and minimizing gambling-related harm.
Record financial numbers helped by EURO 2016 and live betting innovations
Denise Coates cited several factors which led to the record financial numbers, among them EURO 2016 and a decrease in sterling’s value. Coates said:
Trading under the bet365 brand, the Group’s Sports offering continued to benefit from many product-enhancing developments and investment during the period. These included the launch of ‘Edit My Bet’ and ‘Auto Cash Out’. Additions to Live Streaming content, including US horseracing, saw the number of live sporting events streamed in the period extended to around 140,000. Marketing expenditure again increased, helping to maintain the bet365 brand’s class-leading position, notably with bet365’s sponsorship of Sky’s Friday and Monday night English Premier League programmes. – Denise Coates, joint chief executive at bet365.
Outside of financial areas, the firm also experienced growth in personnel. The company increased its total number of employees to 3,835 by 2017, up from 3,404 in 2017. To accommodate its growing workforce, the group plans to build a staff training centre at Etruria Valley.