bet365 has filed its latest financial report revealing revenues of £3.39 billion ($4.3 billion/€3.9 billion) for FY23 which ended on the 26th of March 2023.
According to the filing published on the UK Gambling Commission website, the latest figures represent a 19.1% increase on the previous year’s revenue total of £2.85 billion ($3.6 billion/€3.3 billion). This included a 15% rise in sports betting revenues and a 31% increase in online casino revenues.
However, despite a significant increase in revenues, the company reported an overall loss of £61.2 million ($77.7 million/€71 million) for the 22/23 financial year. This is in contrast to the £42.8 million ($54.4 million/€49.7 million) profit reported in the previous year.
According to the filing, the loss is attributed to an overall increase in costs throughout the business throughout FY22/23 as direct costs grew by 41% to £516.6 million ($656.7 million/€600 million) while administrative expenses also grew by 42.2% to £2.93 billion ($3.7 billion/€3.4 billion).
Operating loss for the period came to £37.3 million ($47.4 million/€43.3 million) in stark contrast to the £15.4 million ($19.5 million/€17.8 million) profit reported in FY21/22. A £62.6 million ($79.6 million/€72.7 million) loss was reported in fair value on investments while interest income amounted to £27.2 million ($34.5 million/€31.6 million).
Pre-tax losses came to £72.6 million ($92.3 million/€84.3 million) for the period, while the previous year’s report revealed a £49.8 million ($63.3 million/€57.8million) profit.
bet365 FY23 Key Highlights
- Group revenue – £3.39 billion ($4.3 billion/€3.9 billion), up by 19.1%
- Operating loss – £37.3 million ($47.4 million/€43.3 million)
- Pre-tax losses – £72.6 million ($92.3 million/€84.3 million)
- Overall loss of £61.2 million ($77.7 million/€71 million)
- Staff increased from 6,000 to 7,200 employees
- £105.4 million ($134 million/€122.4 million) donation to The Denise Coates Foundation
According to the report, bet365 CEO and Britain’s richest woman Denise Coates received a salary of £220.6 million ($280.5 million/€256.2 million) for the period, up from the £213 million ($270.8 million/€247.4 million) reported in the previous year.
As founder and controlling shareholder Coates is entitled to at least 50% of the £100 million ($127.1 million/€116.1 million) dividend paid for FY 22/23. This would see her income for the period hit just over £270 million ($343.2 million/€313.6 million), an increase on the £260 million ($330.5 million/€302 million) she collected in the previous financial year. However, it falls well short of the £471 million ($598.8 million/€547.1 million) she collected in 2020.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.