bet365 posts growth in turnover and profit in latest results

bet365 posts growth in turnover and profit in latest results

Tuesday, November 20, 2018 Posted by News Team
Finance
Turnover rises to £2.86bn as profit grows to £587.6m

bet365 has reported a 25% year-on-year increase in turnover and 26% growth in profit after another period in which the betting and gaming giant’s growth outstripped all competitors. 

Total turnover for the 12 month ended March 25th, 2018 grew to £2.86bn, driven largely by growth in sports and gaming turnover, which climbed to £2.71bn. Customers bet a total of £52.56bn over the year, a 12% increase from the operator’s previous financial year.

bet365 co-chief executive Denise Coates highlighted a number of product enhancements made to its sports betting offering as key to the company’s growth. 

During the year, bet365 rolled out a bet-builder product and launched early payout functionality for high-high-profile sporting events. Coupled with an expanded range of sports streamed live on its platform, this helped the operator to post a 4% increase in active customers over the reporting period.

Gaming, meanwhile was supported by the launch of new iOS apps and the roll-out of 332 games, boosting retention and increasing customer numbers. There was also significant investment made to strengthen bet365’s player protection controls, to use new technology to better detect unhealthy player behaviour.

As a result of the investments in product and increased ad spend, direct costs associated with the gaming business rose 40% to £406.4m. Staff related costs also grew, due to both an increase in the number of employees and higher pay packets for key personnel, growing to £646.8m. 

The betting and gaming arm of the business also made a £75m donation to the Denise Coates Foundation, up from the £50m awarded to the charitable body in 2017. This contributed to total betting and gaming costs rising to £1.63bn, while a further £160.3m in expenses came from Stoke City Football Club, which is owned by the business. 

As a result total operating profit grew to £660.3m, with net profit rising 28% to £587.6m after £78.2m was paid out as taxes.

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