UK’s Top Betting Operator Bet365 Reports A 12% Increase In Profits

UK’s Top Betting Operator Bet365 Reports A 12% Increase In Profits

The betting operators in the UK have been raising a lot of hue and cry over stricter regulations cutting into their betting revenues, however, the latest figures released by one of the biggest betting operators in the country, Bet 365, tells a different story.

Bet365, one amongst the top betting operators in the UK, has reported annual revenue of about £3 billion for the 2018-19 fiscal ending March 31.

The betting operator’s annual gaming revenue touched the £2.98 billion mark. The figure represents a 10 percent year-on-year increase from what Bet365 had grossed during 2017-18 fiscal.

The company’s operating profits also jumped 12 percent to £767.1 million. The profits after tax were reported £681.7 million which is a 16 percent increase from the previous fiscal’s figures.

The company also attributed the increase in revenue to an increase in the number of active customers across its platforms. The online betting operator said that its active customer base increase by over 23% year-on-year.

The newly added customers during 2018-19 fiscal contributed to the company’s betting handle to the tune of £64.5b representing a 22.7 percent increase when compared with the previous year’s figures.

The major contributor to Bet365’S betting revenue for the fiscal was in-play betting. It accounted for 79 percent of the betting revenues. The company’s mobile betting revenue jumped 18% year-on-year; however, for the previous fiscal the company had reported a 29% growth in its mobile betting revenues.

The jump in revenue is also due to the FIFA world cup which saw increased online wagers placed during 2018-19 fiscal.

CEO Denise Coates also attributed the solid performance to the company’s “significant” investments in developing proprietary game content and launching native apps in several regulated markets.

The online betting operator contributed £106.5 million in taxes in 2018-19 fiscal.

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