Bet365 returns to profit in fiscal year 2023-24

The company posted revenue of £3.72bn for the 12 months ending March 31, 2024.

UK.- Bet365 has reported revenue of £3.72bn for fiscal year 2023-24. That’s a rise of 9 per cent compared to the £3.42bn generated in 2022/2023. A Companies House filing shows operating profit reached £396m, reversing the previous year’s loss of £25m.

Sports betting revenue was up by 11 per cent boosted by key product improvements, new US launches and an additional week of trading on the year prior Profit before tax for the segment totalled £626.6m.

Its football club and facilities segment, which included Stoke City Football Club at the time, recorded £23.8m in revenue although its Stoke City FC business posted a loss of £30.3m, widening the £12.4m loss recorded the previous year. 

Bet365 donated £127m to charity during the period, up 20.5 per cent from the prior year, with £120m directed to the Denise Coates Foundation. The filing also revealed that CEO Denise Coates received a £94.6m salary, significantly reduced from the previous year’s £220.7m.

Denise Coates, CEO at Bet365, attributed the strong performance to product enhancements and significant investments in the company’s US operations. “During this period, the group has continued to invest significantly in its American platform and has successfully launched regulated products in the states of Arizona, Iowa, Indiana, Kentucky, Louisiana, North Carolina, and Pennsylvania,” she said in the report.