Another Successful Year for Bet365
UK-based Bet365 has reportedly enjoyed great success in its financial year that ended in March 2018. The company has credited its sports betting products for most of the growth, and were quick to highlight that the increased revenue was not due to major sporting events.
2018 Financial Year Highlights
The brand has reported 25% growth year-on-year to a total turnover of £2.86 billion. Its sports vertical contributed £2.71 billion of the turnover, and this is an increase of 26% on the previous year.
77% of the sports revenue was from the company’s in-play betting solution, and mobile betting increased by 29%. This has solidified mobile as the preferred method of access. In addition they have increased their live sports to 160000 events, and the addition of eSports has offered bettors even more wagering options.
A significant amount was invested in marketing and advertising, bringing the costs up to £406.4 million, a 40% increase on the financial year previously, and staffing increased to 4030 employees. Total staffing costs increased by 32%, to £646.8 million. The company cited increased pay to individuals key to the development of the company.
CEO Takes Home Huge Salary
One such individual is the company’s chief executive Denise Coates. Coates took home a record-breaking £265 million, more than a third of Bet365’s annual profit of £660 million.
Coates’s salary has been heavily criticized by the Liberal Democrats, whose spokesperson has said that a salary of that size is difficult to justify. Especially as in the Democrats eyes, the money comes from people with gambling problems. The director of the High Pay Centre has echoed this sentiment stating that the salary is pure greed, and even more so when problem gambling in the UK is out of control.
In response, Coates has pointed out that the company has been making significant investments into player protection and responsible gambling, specifically the new early detection system EROS. She also drew attention to several external projects in machine learning and AI as technologies that could curb problem gambling.
A Thriving Brand
Bet 365 is one of the biggest gambling groups in the world. The company is family run, and the Coates family hold 93% of the shares.
The brand has offices in Gibraltar, Malta, Stoke-on-Trent, Manchester, Bulgaria, Sydney and Darwin. Founded in 2000 they now more than 22 million clients and offer a comprehensive sportsbook vertical, in-play betting, casino, live casino, Poker and Bingo.