Bet365 rides wave of increased gambling revenue in 2022-23

Bet365 rides wave of increased gambling revenue in 2022-23

Bet365 rides wave of increased gambling revenue in 2022-23
One of the most prominent names in the gambling industry, the privately owned bet365 whose boss, Denise Coates, is one of the best-paid executives in the world, has posted its financial results for 2022-23, for the period ended on March 26, 2023. Although the company saw increased revenue which hit £3.4bn, the company still posted a pre-tax loss of £72.6m for the period, down from the £42.8m profit posted a year earlier. Both iGaming and sports gambling grew during the period, indicating that bet365 had done a fine job of driving visibility and awareness for its brand, but the behemoth has refused to thrash out further details as to where the increased revenue was coming from. Bet365 has made forays into the United States, and the 2022-23 financial period was marked by the World Cup, a celebrated event usually associated with increased consumer spending and pumped betting handle. The company was prepared for the surge in betting as its Bet Boost and Bet Builder products achieved their intended goals and provided consumers with a worthwhile experience. Although specific geographical details were left out in the Stoke-on-Trent-based company’s report, bet365 did confirm that it had invested a fair bit in the United States and it has mostly remained confident that the course set by important regulatory changes, in the United Kingdom included, were a step in the right direction. In the United States, the company rolled in six states over the past months, including the reported period, and it also hit the ground running in Ontario, Canada, another coveted market. Although taking a financial hit, bet365 continued to donate significant amounts to charitable causes, with some £105.4m divided up between different initiatives. Naturally, Coates’ own salary was the subject of chatter, as the Chief Executive received a hefty payday amounting to £220.7m. Coates’ remuneration for the last financial year, however, is hardly her biggest payout and is a far cry from the £421m she received in 2020. Her pay dropped to £250m and then £213m in the years that followed, with the last financial year marking another slight uptake. Meanwhile, bet365 reported another significant jump, with a 29% increase in new customers, but still lower than the previous reporting period’s 48% increase. Meanwhile, there have been many things afoot within the company, with the iGaming sector getting a lot of attention and love through the development of the Games Recommendation Engine and another push in the live casinovertical. Regulus Partners, an analytics company, noted that bet365 is likely to see several more years of resilience in the industry, but the analysts warned that the company may also begin to see its expenses increase faster than its ability to generate revenue. With this caveat emptor in mind and a firm foothold in the present, bet365 will have some time to tacitly fit this narrative or defy it. Image credit: Unsplash.com

10 JAN 2024

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