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Online betting giant bet365 has announced £2.8 billion ($3.4 billion) in 2024 revenue, corresponding to the financial 🔑 year ended March 27, a figure that implies a 2.9% increase from the prior-year period. However, increased customer acquisition costs 🔑 in new markets led to an almost 90% drop in profit, which totaled £49.8 million ($60 million) – down significantly 🔑 from the £469 million ($565.8 million) profit reported in the prior-year period.
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.
Elsewhere 🔑 in its report, the company noted staff numbers for the period rose to almost 6,100, up from 5,400 in the 🔑 prior financial year, meaning staff costs were also up. However, some of this was offset by lower pay for directors, 🔑 including chief executive Denise Coates — the company’s highest-paid director —, who received £213.4 million ($257.6 million), down by 16.5%.