Revenue was up 2.9 per cent year-on-year, but profit plummeted due to increased customer acquisition costs.
UK.- Bet365 has reported revenue of £2.85bn for 2021-22. That’s a rise of 2.9 per cent year-on-year. However, operating profit fell by 87.8 per cent to £41.7m due to the cost of customer acquisition in new markets.
Sports betting revenue was down by 2 per cent due to margins (wagers were up by 48 per cent) but gaming revenue rose by 25 per cent. However, marketing costs grew by 1.4 per cent to £496.8m and administrative expenses by 18.2 per cent to £2.31bn due to “significant costs associated with raising brand awareness in new markets alongside continued investment in IT infrastructure and technology”.
Staff costs rose, with the number of staff rising from 5,443 to 6,092, although CEO Denise Coates took a 16.5 per cent pay cut, receiving a mere £213.4m. Pre-tax profit was £76.1m.
Factoring in a £26.2m loss from Stoke City Football Club, the group made a pre-tax profit of £49.8m. Total profit was down 89.8 per cent at £42.8m.
In November, bet365 announced the launch of a sportsbook in Ghana. It described the launch as a “landmark moment” and a major advance in its African presence. It said it had timed the launch around Ghana’s participation in the 2022 FIFA World Cup.