Bet365 has made a profit in Australia for the first time, after accumulating $128 million in losses over five years.

Accounts for its Australian operations lodged with the corporate regulator show Bet365 made a $1.2 million profit in the year to March 31, five years after Bet365 moved into the competitive but lucrative Australian market.

Slightly more than $2.5 billion was wagered with the firm by Australian punters in its 2017 financial year, from which Bet365 received revenue of $101.4 million.

The firm’s profit compared with a loss of $10.9 million in 2016 and $31 million the previous year. The online-only bookmaker has market share of at least 17 per cent in an online wagering sector now worth more than $20 billion annually.

Bet365 has spent heavily on advertising in its five years in Australia, including an advertising campaign built around Hollywood actor Samuel L Jackson. Its 2017 accounts revealed it had spent $24 million on marketing during the year, a similar figure to 2016.

Like other foreign-owned online and phone betting only corporate bookmakers, Bet365 has poured tens of millions into marketing and customer acquisition strategies in an effort to win market share from online wagering competitors such as Sportsbet, William Hill Australia, Crownbet and Ladbrokes, as well as established operators Tabcorp and Tatts Group’s Ubet.

Year-on-year customer numbers increased, continuing the trend of previous years,” the Bet365 accounts said. ”

This supports, the directors’ view that the company will remain profitable and, therefore, continue to deliver a positive financial contribution to the group.