Bet365 has reported a loss of £61.2m for the year, compared to a profit of £42.8m the previous year. The loss was attributed to increased costs across the business, including higher direct costs and administrative expenses.
Despite the loss, Bet365 managed to increase its revenue during the year. Sports betting and gaming revenue grew by 18.9% to £3.39bn, with a 15.0% rise in sports betting revenue and a 31% increase in gaming revenue.
CEO Denise Coates highlighted several developments that contributed to this growth, such as improvements to the Bet Builder and Bet Boost products, expansion in the US market, and the success of their “quality over quantity” approach to gaming.
Analysts have noted the positive revenue growth and Bet365’s transition to a more “normal” gambling company. However, they also recognize the potential increase in costs and the need for Bet365 to clarify its unique selling proposition in order to sustain growth.
The focus for Bet365 moving forward is to expand its presence in regulated markets, pursuing licenses and working closely with regulators to ensure long-term success.
