Bet365 Posts 39% Revenue Increase For 2017Harry Coulter | 10 Nov 2017
British sports betting and casino giant Bet365 has recently revealed a massive 39% increase in its year on year financial revenues for 2017. This massive rise has enabled the company to surpass the £2 billion (CAD$3.33 billion) revenue barrier mark for the first time in history, coming as a historical development for the successful British sportsbook.
Bet365 recently released its full financial report for the 2017 fiscal year, reporting massive revenues of £2.15 billion. This is a significant increase over the £1.65 billion posted by the firm for the previous twelve-month period, showing considerable growth across all of its key product verticals.
Operating Profits And In-Play Betting Revenues Grow
Operating profits for the company grew 15% year on year to £503.9 million ($839.8 million) according to the report, while Bet365’s pre-tax profit margins grew to a whopping £514 million ($856.6 million) from the £459 million that it reported during its 2016 fiscal year.
The sportsbook and casino operator also confirmed that the amount its customers wager on sports event has increased by 27% since last year, while its number of active players and punters grew by 35% during the period in review.
In-play betting revenues for Bet365’s gambling website constituted well over 72% of its total sports betting revenues over the course of this year. Mobile sports revenue growth also remained by far the most popular sports betting medium channel, delivering 61% revenue growth for the expert UK firm.
Joint Chief Executive of Bet365, Denise Coates, attributed the firm’s growth to a fall in the value of Pound Sterling during this year, as well as positive growth thanks to the Euro 2016 football tournament. She also noted that gaming product enhancements such as the Auto Cash-out and Edit My Bet features have also added to the firm’s revenues.
Continued Expansion Strategies
The company also actively rewarded its staff for this positive growth, with staff costs rising from £315.8 million in 2016 to £585.1 million during the most recent fiscal year. Furthermore, the firm also donated £50 million during the year to its charitable operation: the Denise Coates Foundation.
Coates is purportedly keen for Bet365 to continue its expansion strategies and build on its current licenses in the UK, Italy, Denmark, Spain, Gibraltar, Malta, Ireland, Bulgaria, Cyprus, and Australia. The CEO also reaffirmed the firm’s dedication towards responsible gambling, promising that Bet365 will take measures to minimise gambling-related harm and ‘keep crime out of gambling’.
She added that her firm has even begun developing its own predictive algorithms that will improve the accuracy of existing responsible gambling measures on the Bet365 gambling platform. Additionally, Coates said, a refined set of ‘harm minimisation interventions’ have also been developed by the sportsbook.