Bet 365 Group ends the 2019-2020 fiscal year with a 8.2% revenue dip due to higher costs and the ongoing pandemic.
Bet 365 Suffers Revenue Dip in 2019-2020 Fiscal Year
Bet365 Group has ended the 2019-2020 fiscal period with £2.81 billion in revenue, down 8.2% from the previous year. Higher operational costs and the challenges raised by the COVID-19 pandemic hindered the online gambling operator’s efficiency.
Under normal conditions, Bet 365’s sports and gaming revenue would have risen by 2% year over year, according to the company. The lack of a big football tournament, as well as the pandemic’s economic effects, weighed the operator’s profits down substantially.
Bet365 stated that while the amount wagered on sports decreased by 8% year-on-year, the number of active customers increased by 4%. Mobile sales dropped by around 7%, but it remains the company’s most successful platform.
Despite the overall performance dip, Bet365 CEO Denise Coates said she was satisfied with how the company reacted and adjusted to the situation.
Coates, who is still the top taxpayer in the UK, stressed that Bet 365 continued to operate smoothly throughout the numerous lockdowns, with employees being able to work from home. She also mentioned that the operator had invested heavily to provide a safe and COVID-free office environment for its staff.
Focus on Employee and Player Protection
Bet 365 stated that it entered the pandemic with employee protection in mind. According to the company, it refused to downsize wages or lay off any staff members. Bet 365 did so without relying on government assistance or taking advantage of the furlough program.
By the end of the fiscal year, the total number of employees in the company’s sports and gaming branch had risen to 5,014 people.
Bet365 made substantial progress on its safer gambling policy this year. The company’s Early Risk Detection System (EROS) has been updated with the addition of new harm indicators, which have improved the system’s efficiency and applicability.
Assessments of EROS suggest an overall positive impact on player gambling behavior. In fact, a customer survey revealed 63% of respondents said the detection system made them consider how much they gambled.
Customers who interact with EROS are three times more likely to set a deposit cap and six times more likely to take a time-out, according to a study of British customers. Following interactions, approximately 64% of customers decrease the amount they deposit and the pace at which they bet.
Bet 365 Limits Advertising to Protect High-Risk Players
The outbreak of COVID-19 has led to a surge in problem gambling across the world and has put addiction in the spotlight. Bet 365 made decisive steps in protecting high-risk players from the potentially severe consequences of the illness.
Among other things, the online gambling operator heavily limited its advertising. This resulted in the operator ceasing to advertise gaming on television and radio and suspending all external marketing communications.
Bet 365 also dialed back on its social media activity. In addition to suspending all paid and promotional content, the operator also limited its organic social activity.
Customers were also sent dedicated safer gambling messaging, which was prominently displayed on the bet365.com websites.