Bet365 profit up 26% as revenue rises to £2.7bn

Business News

The group, which is privately owned, has posted a pre-tax profit of £660.3m for the year to 25 March 2018, up from £514.7m in the prior 12 months.

Its turnover also increased from £2.227bn to £2.86bn over the same period.

Sports and gaming turnover and operating profit increased year-on-year by 26 per cent to £2.7bn and 33 per cent to £682.2m respectively.

The amounts wagered on sports increased by 12 per cent while the number of active customers rose by 4 per cent.

In-play betting performed strongly, the company added, and represented 77 per cent of sports revenue in the year.

Bet365 also confirmed that mobile sports experienced a revenue growth of 29 per cent.

A statement signed off by the board, joint group chief executive Denise Coates said: “The group continued to experience significant growth during the period.

“The directors are pleased with the strength of the financial position reported in the balance sheet at the period end, with cash at bank and in hand increasing in the period to £1.8bn with such funds being held for future trading purposes.

“The directors are also confident that the balance sheet will continue to strengthen, due to the cash generative nature of the group.”

Bet365 currently holds licences in various territories including Great Britain, Spain, Denmark, Italy, Gibraltar, Malta, Ireland, Australia, Bulgaria and most recently Cyprus, and will continue with its long standing policy of pursuing licences in regulated markets. 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.