Bet365 Australia records second annual profit
Operator records £0.75m profit, with revenues up 13% year-on-year to £66m
Bet365 has reported its second consecutive annual profit Down Under following a double-digit rise in revenues during the 12-month.
According to figures seen by EGR, the company’s Australian business posted a profit of A$1.3m (£0.75m) for the year to 25 March 2018, up marginally from the $1.2m last year.
Overall revenues climbed 13% to $115m (£66m), while advertising expenses increased from $24.6m (£14m) to $30.3m ($17m) as the firm sought to take advantage of consolidating rivals.
“Year-on-year customer numbers again increased, continuing the trend of previous years and supporting the directors’ view that the company will remain profitable and therefore continue to deliver a positive financial contribution to the group,” the firm said in its accounts, filed with the Australian Securities and Investments Commission.
“Significant marketing expenditure was incurred in the period, as the company continues to build the bet365 brand in the Australian market,” the firm added.
Bet365 is approximately the sixth largest operator by active accounts in the Australian market, according to recent research by UBS, behind Sportsbet, TAB, CrownBet, William Hill and Ladbrokes.
However, the firm, was identified by UBS as a potential market share gainer, having seen its share of iOS app downloads increase by 1.3 percentage points over the last quarter – the third biggest rise in the market behind Neds and PointsBet.
Bet365 came first in EGR’s worldwide Power 50 rankings last year.