Gambling operator bet365 reported revenue of £2.85 billion (€3.22 billion) for the financial year ending on March 27th, 2022 — a 3% increase on the previous reporting period.
Founder Denise Coates is believed to have earned £213.4 million for the year
Sports gambling revenue decreased by 2% compared to the previous year, while gaming revenue increased by 25% over the same period. According to bet365, the growth in gaming revenue was due to an increase in the total amount wagered and a rise in the number of active customers, which grew by 48%.
However, the company saw a significant decrease in profit, which totaled £49.8 million (€56.4 million) for the year, a drop of almost 90% from the previous year’s profit of £469 million (€431.3 million). This decrease was attributed to higher customer acquisition costs in new markets.
The decrease in profit was mainly caused by an increase in administration expenses, totaling £320 million (€362.5 million), including advertising costs in new markets and expenses for additional computers for expansion. The number of staff employed by the company also grew significantly from 5400 in the prior period to 6100 in FY22. This was in large part due to launches in Buenos Aires in Argentina, Colorado in the US, Ontario in Canada, and the Netherlands.
The highest-paid director of Bet365 Group, believed to be founder Denise Coates, received a salary of £213.4 million (€241.8 million) in the year ending March 2022. This was a 15% drop on the £250 million (€302 million) she was paid in the prior reporting period.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.