Bet365 Sees ‘Disappointing’ Annual Growth of 2%

With online gambling and sports betting proving so popular over the last decade, and with mobile gambling and sports betting doing so well as a result of the Covid-19 pandemic lockdowns in 2020, the online betting industry is now more competitive than ever.

Along with established brands such as William Hill, Ladbrokes, Paddy Power et al, we’ve also seen a sharp increase in the amount of new online betting sites appearing , meaning that punters currently have more choice than ever when it comes to gambling.

One company in particular, who have been branching out and have been fighting off competition from all sides, is Bet365, who, despite all odds, recently enjoyed an annual growth increase of 2.3% for the year ending March 27th, 2022.

Who are Bet365?

Bet365 ltd is an online gambling company based in Great Britain, offering a wide selection of online sports betting and casino-type games to their customers.

Founded way back in 2000, the company has continued to grow and expand, with offices in Malta, Gibraltar, Bulgaria, Austria, and the UK.

Bet365 employs more than 2,000 people, with Denise Coates and John Coates serving as CEO. It is one of the most popular sports betting sites in Ireland, the UK, and across much of Europe and beyond.

A Mixed Bag in Terms of Performance

Despite Bet365 growing by more than 2.3% compared with the previous tax year, these figures only tell half a story.

Bet365’s sports revenue dropped by 2%. It was their gaming revenue that saved them, as this increased by 25%. This is partly due to the fact that, worldwide, their active users increased by close to 50%.

One of the main reasons why their sports revenue was so low, was mainly due to disruptions caused by lockdowns, social distancing, and various other guidelines disrupting the sporting world the previous year.

The company, despite being privately owned, paid £8.1 million in taxes according to Companies House.

A Big Hit for Profits

It’s rare that profits of £41.7 million (47.3 million Euros) can be seen as a failure, but considering the previous year, the company’s profits stood at a staggering £341.1 million (387 million Euros) that is quite the difference.

The main reason their profits took such a battering was down to an increase in admin expenses, along with their continued expansion globally as they invested in new tech and new software.

One person that won’t be too disappointed in these numbers, however, is CEO Denise Coates, who took home an annual salary of £213.4 million (242.1 million Euros) making her the highest paid director on the books.

What’s Next for Bet365?

Bet365 have invested a lot of money into new software, new games, and global expansion. They are branching out into the USA, and as we’ve seen somewhat of a return to normality, in terms of the pandemic at least, Bet365 look set to continue their growth for the following financial year.