Bet365 sees huge rise in operating profit

Bet365 sees huge rise in operating profit

Wednesday, September 30, 2015
The UK-based company was not affected by the introduction of the PoC Tax

Bet365 has become the final major operator to reveal the extent of the 2014 Fifa World Cup boost to the betting industry by announcing a 92 per cent rise in operating profits in the financial year to March 2015.

The online operator reported profits of £410.2m (€554.74m/$622.36m), compared to £213.8m during the previous 12 months.

The company – owned by the Coates family - suggested its net profits would not be negatively affected by the introduction of the Point of Consumption (PoC) tax in the UK as it has been headquartered in the city of Stoke since it was founded.

Denise Coates, joint chief executive, told the Stoke Sentinel newspaper that the football World Cup – held in summer 2014 – played a major roll in overall revenue rising 15 per cent to £1.47bn, with rival William Hill last year saying that betting on the tournament had been 80 per cent up on the previous tournament.

“The four weeks of the Fifa World Cup generated a significant number of new customers, increased amounts wagered and strong revenue performance during the traditionally slower betting period of June and July,” said Coates.

“The mobile sports product built upon the strong performance seen in previous years, delivering an overall increase in amounts wagered of 59 per cent and revenue growth of 66 per cent, making mobile the most popular medium for betting.”

Bet365 did not release its online casino figures but said its poker vertical saw revenue rise three per cent thanks to “a focus on recreational players”.

The company also said that its charity, the bet365 Foundation, benefited by £10m over the year, while the Coates family took a dividend of £75m.

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