Key points:
- Turnover up 9% year-on-year
- Profit has improved vastly
- Denise Coates' pay was down
Operator bet365 has released its annual financial report, covering the 53-week period ended 31 March 2024.
In total, turnover during the period reached £3.72bn ($4.66bn), representing an increase of about 9% compared to the previous 52-week period ended 26 March 2023 where turnover was £3.41bn.
Sports and gaming made up the bulk of this at £3.7bn, while football club and facilities made up the rest at £23.8m. Both saw a rise when compared with the previous year, with the former up around 9% and the latter up 10.8%.
Looking at bet365’s profitability, gross profit experienced a jump of 4.7%, while operating profit was valued at £365.7m for 2024 compared with an operating loss of £37.3m in 2023. Profit before tax was £626.6m in 2024 while in 2023 a loss of £72.6m before tax was recorded.
Highlighting the positive period for bet365, total comprehensive income was £501.2m in 2024, which compares to a total comprehensive expense of £61.2m in 2023.
Good to know: Recently bet365 reported on key US sports betting trends during 2024, which included the rising popularity in women's sports
bet365 CEO and Founder Denise Coates’ pay was down in the period by a significant amount, with the report stating that the highest paid director emoluments were £94.7m in 2024, which represents a decrease of 57.1%.
Today has also seen a deal involving the operator and Inspired Entertainment, whereby bet365 will be the first company in the UK to launch the supplier’s Hybrid Dealer Roulette game.
