Apr6
bet365 Receives Fine of £582k From the UKGC for Violating AML, and Social Responsibility
Bet365 Reports Nearly £3 Billion in Annual Revenue
November 23, 2018 Jim Murphy
Global betting leviathan, bet365, has a lot of causes to rejoice this pre-holiday season as their finance departments report a massive year-on-year growth:
With the 12-month period ending on March 25th, 2018, the total annual turnover was found to be £2.86 billion…
…Whereas the total bet profit soared to new heights at £587.6 million, which is an annual jump of 28%!
Enviable Results
These significant gains in turnover are explained primarily with sports betting and iGaming product and performance enhancements, which the Stoke-based company pinpoints as the key factor to leading the group to yet another year of financial success.
What’s making this even more impressive is that these turnover and profit figures were achieved during a 12-month timeframe during which there were no major sporting events – soccer World Cups, Olympics, etc.
Out of total £2.86BN, a lion’s share of £2.712 billion goes down to sports and gaming turnover (26% increase over last year). During this time, bet365 clients have wagered a total of £52.56 billion – a 12% increase since year prior.
Co-chief executive, Denise Coates, commented: “Looking forward, the sports, gaming and associated functions will continue to make sure that they are suitably resourced to manage business growth, deliver innovative product development, provide a high-quality customer and safe experience, maintain robust processes that ensure compliance with the requirements of multiple regulatory frameworks and maintain their collective position at the forefront of the industry.”
What it Boils Down to
During the period in question, this proficient company was working hard on rolling out certain products that would prove so crucial for this unprecedented rise in revenue…
…Early payout functionality for high-profile sporting events along with a wider range of sports live streams resulted in 4% increase of active customers. Also, brand new iOS apps were launched, and so have 332 new games which boosted retention numbers through the roof.
Around 160,000 live sport events have been streamed throughout the year. In-play betting was the most popular form of wagering as it ed for 77% of the sports revenue. Mobile gambling rose by 29% confirming its status of players’ preferred channel for betting.
A significant factor, albeit a bit unexpected, was the inclusion of high-quality Early Risk Detection System technology that detects unhealthy and problematic player behavior, protecting vulnerable players – this investment paid out multi-fold. Direct gaming business costs rose by 40% as have staff related costs due to higher employment rate and higher pays – to £646.8 million.
Regulus Partners analysts pointed out that what is especially remarkable is that bet365 has managed to achieve the volume of William Hill’s business in only one year’s growth!
Source:
“Bet365 full-year revenue climbs 26% to £2.7 bn”, Brad Allen, egr.global, November 20, 2018.
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Incredible success. I am not sure if that level of rise is a good thing or not, but it certainly gives their competitors a run for their money.