The bet365 growth story continues.
They reported their 2017 financial results (12 months to March 26 2017) this week, revealing revenues of over £2 billion for the first time in the company’s history.
The revenue figure of £2.28 billion represents a 38% jump over the previous year (£1.65b). Profit before tax jumped a more modest 12% to £514 million (£459 million in previous year).
Sports betting was the driver of most of the growth, aided by a particularly successful Euro 2016 football tournament (for bet365, not the punters). Online betting turnover for the year was up by more than £10 billion to £46.9 billion. In-play bets, the crack cocaine of wagering, now represents over 70% of that £46.9 billion.
Live dealer games, still a very small part of the business, didn’t rate a mention in the report but I’m sure they didn’t negatively impact on results.
A non-operating factor that did rate a mention (in the CEO’s statement) was the falling pound which boosted the value of their non-UK income significantly.
“Financial performance in the year was augmented by what was, for the Group, a good 2016 Football European Championships. In addition, the fall in the value of sterling during the period also impacted favourably.”
The group now employs over 3,800 staff, filling it’s flashy new HQ in Etruria (Stoke-on-Trent) and various offices worldwide. In 2009 they employed only 900.
With almost £1.5 billion in cash sitting in the bank bet365 are well placed to go on the acquisition trail during the next year.