Based in Stoke, Bet365 reported revenues of £3.39 billion for the financial year ending March 2023, a 19% increase on 2022’s £2.85 billion.
This revenue was mainly driven by sports betting and iGaming, in addition to a 29% increase in active customers.
Bet365 muda a sua estratégia
The bookmaker said growth in the iGaming vertical demonstrated the success of its new “quality over quantity” strategy for online casinos.
So this involved better localization in key markets, integrating new content from vendors, and licensing exclusive game mechanics.
However, an increase in revenues was accompanied by a parallel increase in costs.
Bet365 reports that investment in IT infrastructure, development and technology, along with the costs of entering new markets, have driven up costs. It came from an additional £585.2 million in administrative expenses, to £2.89 billion.
Either way, the business has made significant strides in international expansion in 2023. In the US, for example, it has become one of the fastest growing sports betting operators.
Therefore, personnel costs also increased by 11%, driven by a 26% increase in the number of employees, to 7,567.
Despite the huge revenue, overall the group reported an operating loss of £24.5m from its gaming activities, compared to last year’s net profit of £41.7m.
Last year was already a decline from the £285.5m and £194.7m recorded in 2021 and 2020 respectively.
Participation in markets considered sensitive
Bet365 founder and CEO Denise Coates has raised more than £270.7 million for her work in 2023, which includes the right to just over 50% of the £100 million paid in dividends for the year.
Gaming consultancy firm Regulus Partners said: “Bet365’s USP is no longer clear, meaning costs are likely to continue to rise faster than revenues from now on, in our view.”
Bet365 responded that it “welcomes” the regulatory reform proposals set out in the new UK Gambling Act and will support measures to enable a viable solution to accessibility checks.
Investments in Bet365 products
The company also highlighted improvements made to its products, including the BetBuilder and BetBoost offerings.
She also added that she has invested “significantly” in her platform in the US. Bet365 expanded its presence in six US states, launching in Colorado, Ohio, Virginia, Iowa, Kentucky and Louisiana only in January 2024.
Therefore, the investment extended to the capabilities of its trading platform, as part of an effort to improve its products.
Therefore, to support its entry into new markets, the operator also added Spanish and French languages to its platform.
