Bet365 Australia reports maiden profit

Bet365’s Australia operations have moved into the black for the first time with the firm reporting a pre-tax profit of A$1.2m (£0.73m) in the year to 26 March 2017.

The figures, taken from statutory accounts filed yesterday with the Australian Securities and Investments Commission, mark a major step up from the 2016 results which saw a loss of A$10.9m (£6.6m).

The operator’s Australia-facing business, which employs 253 staff, also reported annual revenues of A$101.4m (£61.3m), up 5% on the same period last year.

Total amounts wagered topped A$2.5bn (£1.5bn).

“Year-on-year customer numbers increased, continuing the trend of previous year 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 filings.

The operator also reported “significant marketing spend” during the period as it looked to build the bet365 brand in Australia, with advertising expenses at A$25m (£15m).

However the figures still put bet365 some way behind the market leader Sportsbet, owned by Paddy Power Betfair, which generated A$502m (£312m) in revenues in FY16.

Bet365 is expected to file financial figures for the rest of the business later this month.

Last year the Stoke-headquartered company revealed a 10% increase in profits to £448m, on the back of a 5% rise in revenues.

It also retained its place at the top of EGR‘s Power 50 list for a record seventh consecutive year.