Bet365’s full-year revenue soars 10% to nearly £3bn
Accounts seen by EGR reveal revenue of £2.98bn and operating profit of £767.14m for the 53-week period ended 31 March 2019
Bet365’s betting and gaming revenue increased 10% year-on-year for the 53 weeks ended 31 March 2019 as the sports betting heavyweight closes in on the £3bn annual revenue mark, EGR Intel can reveal.
The operator reported sports and gaming revenue of £2.98bn during the period, up from the £2.72bn recorded in the 52-week period ended 25 March 2018, while operating profit from sports and gaming was up 12% to £767.14m.
According to bet365 Group Limited’s annual accounts, seen by EGR in advance of their publication on Companies House, amounts wagered on sports and its number of active customers both increased 23% year-on-year following a strong FIFA World Cup performance.
Meanwhile, bet365 noted that in-play represented 79% of sports revenue during the period and it had recorded an 18% increase in revenue from mobile sports.
The company also has £2.56bn cash at bank and in hand compared to £1.8bn in the previous year, which it said was being held for future trading purposes.
Within the 53-week period, the Stoke-headquartered operator unveiled a variety of product enhancements to its Bet Builder and Edit My Bet features, while on the gaming side of the business it invested in the development of in-house games.
The reporting period also saw bet365 expand into a number of jurisdictions and since the period ended has moved into the US sports betting market via an online launch in New Jersey,
“The Group will continue with its long-standing policy of pursuing licences in regulated markets and, given the Group’s experience in regulated markets, it believes it is well placed to benefit long-term in those countries where commercially viable regulation is adopted,” Denise Coates, joint-CEO of bet365, said in the strategic report.
Bet365, which topped the EGR Power 50 rankings once again this year, employed 4,646 staff during the 53-week period, up from 4,030 the previous year.
The company’s responsible gambling initiatives played a key part in this year’s report, with its Early Risk Detection System (ERDS) highlighted as being of particular importance to its safer gambling strategy.
It also donated £85m to the Denise Coates Foundation charity during the 53-week period.
“The Group’s ambition to provide world-leading products and services is matched by an unwavering commitment to deliver industry-leading approaches to player protection,” the report noted.
“A key focus for the Group going forward is the improvement of methods it uses to identify harmful play and deliver effective customer interactions, designed to make customers better aware of their own behaviour and offer real solutions allowing customers to take control of their gambling.”
According to the report, bet365 has been exploring the use of machine-learning techniques and has developed a preliminary model which will soon go through an initial phase of testing.
Bet365 Group Limited’s annual report is expected to be released on Companies House later this week.