A Strong Year
Leading British bookmaker bet365 has filed its returns for the 23/24 financial year, with the company showing a 9% increase in its 2022/23 revenue.
The operator’s filing on Companies House showed a 12-month revenue of £3.72 billion, which was up from the £3.41 billion that it registered in the previous financial year. Betting and gaming revenue were the biggest drivers in this area.
The company’s football and facilities segment, which includes EFL Championship club Stoke City, recorded £23.8 million in revenue during the financial year.
However, profit before tax showed that the betting and gaming segment was up £626.6 million. In comparison, Stoke City had suffered a £30 million loss in that period, which was more than the £12.4 million loss it had recorded the previous year.
The report also stated that Stoke City FC had been listed after the end of the period and that John Coates was now the owner of the club. This was expected to cost around £118m.
Reaping The Rewards Of US Expansion
The company reported that betting revenue was up 11% during the time period. It is believed that the company’s American expansion has played a key role in this, with bet365 successfully launching in several regulated states, including Iowa, Kentucky, and Louisiana.
CEO Denis Coates highlighted this as a reason for the success and also pointed to the improved product offering, mentioning the increased sporting options for the popular Bet Builder product.
Coates herself has grabbed headlines by taking a pay cut of around 45%. Despite this, she still remains one of the UK’s top-paid CEOs, receiving more than £150m in the 23/24 financial year.
