Bet365 Reaches the Coveted £2 Billion Revenue Summit
Analysts say that the online sports betting and casino gambling industry is in a robust financial state – an assertion that's certainly supported by the latest annual figures emanating from leading operator bet365. The British bookmaker and casino has announced a 39% increase in profits for the 2017 financial year.
This major increase in profits is also coupled with a record breaking revenue in excess of £2 billion, a truly coveted summit among leading onling betting and casino operators. With further plans for brand expansion announced, bet365 is already looking ahead to further financial growth in the future!
Sporting Event Betting Soars in Numbers at bet365
Bookmaker bet365's record breaking financial year included the firm filing a revenue total of £2.15 billion – rising from £1.65 billion in the previous tax year. The firm's operating profits rose by 15%, increasing from £456 million to £503.9 million, while the bookmaker saw its pre-tax profits rise from £459 million to £514 million.
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One of the most striking features behind the impressive figures from bet365 was the growth in revenue from sports betting, which increased by 27%. Correspondingly, the increase in gamblers betting on sports was tied to a 35% increase in members actively using the company's online sportsbook.
Gambling industry analysts have also been quick to note the surge in in-play and mobile sports betting at bet365 during the financial year. Indeed, in-play betting accounted for more than 72% of the brand's sports betting income, while mobile sports gambling witnessed a 61% increase in revenue generation.
These figures provide the industry with a clear message, regarding the capacity to increase gambling revenue by focussing on in-play mobile betting. The company's Co-Chief Executive, Denise Coates, revealed that excellent financial year was aided by a weak pound and a surge in football bets during Euro 2016.
Next summer's World Cup in Russia is therefore an enticing prospect for online bookmakers. Coates also noted that improvements to in-play betting features, such as 'Edit My Bet' and 'Auto Cash Out', had added to the site's success.
bet365 Set to Expand off the Back of Profits
The financial success of bet365 has seen the firm expand its staff and reward existing members, with staff expenditure increasing to £585.1 million – up from £315.8 million during the 2016 tax year. Additionally, the company donated £50m to the Denise Coates Foundation, bet365's charity which provides grants to other registered charities.
As revealed by Denise Coates, bet365 is also looking to build on its success, by expanding into territories that are currently subject to restrictive gambling legislation:
"Given the group’s experience in regulated markets it believes it is well placed to benefit long-term in those countries where sensible regulation is adopted."
Firm Promise to Fight Problem Gambling
While bet365 has a vision of continuing to increase its revenue, Ms. Coates was also keen to express the firm's commitment to tackling problem gambling, particularly in light of Gala Interactive's (a Ladbrokes Coral company) incapacity to prevent a pair of problem gamblers spending over £1.3 million in stolen money at their website.
Coates stated that bet365:
"...recognises its responsibility to minimise gambling-related harm and to keep crime out of gambling."
She also reaffirmed the company's commitment to finding a solution to ensure the problem is controlled more effectively:
"The group continues to work with research partners on a number of projects to improve its methods of identifying harmful play and deliver more effective harm-minimisation interventions."
The latest figures from bet365 sportsbook and casino indicate that one of the industry's leading casino and sports betting companies is experiencing excellent performance, sending an encouraging message to the rest of the online betting industry. Feel free to check out bet365 to see what's at the root of all the success!
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