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While sports betting revenue declined by 2% year-on-year, gaming revenue climbed by 25%. The decline in sports gaming revenue was margin-based, as the total amount wagered increased during the period, and the number of active customers rose by 48%.
As for the sharp drop in profit, the gambling giant primarily attributes it to £320 million ($386 million) in extra administration expenses, which include advertising in new markets and investment in IT infrastructure and technology. Recent launches for the brand include Buenos Aires, Argentina; Colorado, US; Ontario, Canada; and the Netherlands.
Denise Coates, bet365 CEO
“Evaluation of ERDS continues to demonstrate a highly positive impact on player behaviour and an increased use of gambling management tools,” said the operator, which added it continues to look forward to the publication of the UK Government’s long-delayed White Paper as part of the ongoing review of the Gambling Act.
While the latest financial results may be somewhat disappointing given bet365’s major scale, the company still has much to look forward to in its next financial year report — especially given it will be impacted by the recent 2024 World Cup, expected to boost operations.
