Bet365’s Revenues Increased in FY 2022/23 but So Did Losses

Global operator bet365 has published its annual report, highlighting a significant year-on-year increase in revenue. However, this favorable metric was offset by a substantial increase in operating loss.

Bet365’s report covers the 52 weeks ended March 26, 2023, and highlights a total gaming and betting revenue of £3.39 billion ($4.32 billion, current rates). This represents a year-on-year increase of 19% from the £2.87 billion recorded during the prior-year period.

In the meantime, the company reported gross profit of £2.87 billion ($3.66 billion), representing a noticeable increase from the $2.37 billion recorded in the 52 weeks ended March 27, 2022. However, the company’s administrative expenses increased dramatically in FY 22/23 to £2.89 billion ($3.69 billion). For reference, this metric stood at £2.36 billion in the prior-year period.

Overall, bet365 reported an operating loss of £24 million ($30 million) for the period, down from a profit of £15 million in FY 21/22. Fair value losses on investments stood at a staggering £62 million ($79 million), down from a profit of £28 million in the prior-year period.

The company’s loss before taxation was £60.19 million ($76.8 million). The company’s total loss for the financial period, meanwhile, reached £69.41 million ($88.5 million). For reference, bet365 recorded a profit of £33 million last year.

After all considerations, bet365’s total comprehensive expense for the 52-week period ended March 26, 2023, was £61.23 million ($78.1 million).

Denise Coates Secures a Solid Paycheck

The company’s precarious position, however, did not prevent the company’s chief executive officer, Denise Coates, from getting an annual salary of £270.7 million. Around £50 million of this total sum came from dividends, cementing bet365’s leader as one of the most well-paid executives for the year.

In the meantime, bet365 continues to pursue global expansion. The company is currently lined up for a license in North Carolina as it continues to seek global expansion. In November, the operator also secured its position as the US Darts Masters’ title sponsor, solidifying its presence in professional sports.

Elsewhere, the Australian Communications and Media Authority recently issued warnings to a number of betting companies, bet365 included, over violations of the country’s in-play betting rules.