EGR Power 50 2020: Bet365 (2)
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2. bet365 (1)
FINANCIALS: Figures revealed exclusively to EGR show EBITDA and operating profit decreased year-on-year for the 12 months to 30 June 2020
STRATEGY & IMPACT: To eschew M&A and grow organically as a single brand backed up by best-in-class in-house product, pricing and brand messaging
GEOGRAPHIC REACH: A leading player in most regulated markets where it operates alongside a willingness to venture into parts of the world publicly listed rivals fear to tread
INFLUENCE & LEADERSHIP: Twenty years on from its creation, bet365’s impact when it comes to breadth of betting markets, innovation, and customer acquisition and retention, is unquestionable
Despite bet365’s crown slipping, the sports-led operator remains a formidable force in the sector due largely to its incredible brand presence, UX and world-class proprietary front- and back-end technologies. In fact, a market-leading product has been at the core of the Stoke-on-Trent-based company’s success down the years. Its comprehensive in-play offering, coupled with unparalleled live streaming, means it remains the leader when it comes to live betting. And when coronavirus decimated the sporting calendar from March, bet365 was quick off the mark to introduce betting markets and live streams of sports still running in far-flung parts of the globe.
While on the subject of the pandemic, the privately-owned operator drew plaudits post-lockdown when it immediately announced the salaries of its 4,600-strong workforce would be guaranteed and there would be no layoffs through to the end of August. In fact, this commendable pledge was one of EGR’s most-read stories of 2020. That, and the news in June that bet365 had chosen to axe its anachronistic telephone betting service. To keep the operator at the forefront of product innovation, the business is on another recruitment drive with 80 tech vacancies currently advertised for its Stoke HQ and tech hub in Manchester.
Yet, for a business that so rarely puts a foot wrong on the product front, bet365 arguably made an uncharacteristic misstep recently with an overhaul of its desktop and mobile apps. You’d have to conclude the way it was received wasn’t simply a classic case of customers being against change, as the backlash on social media and in app stores was deafening. This reaction couldn’t have gone unnoticed by the powers that be at bet365 and underlines the high regard with which its products are traditionally held.
In 2019’s rankings, we pondered whether bet365 would step up its presence in the US. The truth is the operator has still only dipped a toe in the water across the pond, 30 months after PASPA’s repeal; it holds just a sliver of the New Jersey sports betting market but has access to the highly competitive state of Colorado. So, we will have to wait a little longer for the prospect of this online giant making a meaningful impact stateside. However, you’d be foolish to bet against bet365 in the US based on what it has achieved over the last two decades in Europe and elsewhere.