Bet365 Generates Revenue of $2.83BN in FY2017

UK gambling operator Bet365 has posted its financial results covering March 2016 to March 2017, revealing an impressive 30% spike in its gross revenue to $2.83 billion compared to the $2.17 billion collected in the same 12 month period a year earlier. In addition, operating profits came in at $662 million, higher by 10% versus the $600 million generated by the company in FY 2015/16.
In the meantime, the company’s continued growth has led to an increase in its staff costs, which in 2017 reached £585.1 million from the £315.8 million paid out in the previous year.
Commenting upon the latest financial statement, Bet365 joint chief executive, Denise Coates, attributed much of the operator’s increased performance on the UEFA European Championship hosted in France last year, and eventually won by Portugal. Bet365 was subsequently able to fully benefit from the month-long international soccer tournament by being licensed in a number of European markets, including those of Spain, Italy, Ireland, Denmark, Bulgaria, Gibraltar, Malta, and Cyprus.
In addition, earnings were further boosted by the firm’s in-play gambling product, which accounted for a whopping 72% of all sports revenue in FY 2016/17. The real-time betting sector has been growing exponentially across the industry since Betfair popularized the format, with gamblers now more interested in taking advantage of changing odds during sports contests, as well as a range of other betting options, such as what a golfer may score on the next hole he plays.
Denise Coates also attributed Bet365’s financial growth on an increase in the use of mobile devices to place wagers, which now represents 61% of all bets placed on the site. Encouragingly for the company, this could indicate that Bet365 is successfully attracting an increasingly younger audience.
The UK’s gambling industry has come under intense scrutiny from the Gambling Commission recently, who has said that there are “significant flaws” in the way some company’s go about protecting vulnerable people from gambling. Recently, for instance, 888 was fined a record £7.8 million after 7,000 self-excluded gamblers were able to gain access to their accounts, while this week Ladbrokes Coral was slapped with a £2.3 million penalty after failing to recognize the problem gambling signs of two of their customers who frittered away £1.3 million of stolen money on the site.
Commenting upon its committment to upholding responsible gambling standards, chief executive Denise Coates stated: “The group is committed to developing an evidence-based approach to responsible gambling. To this end, 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-minimization interventions.”