Incredible growth in Bet365 revenues in 2023

Another fantastic result for Bet365, which has increased its revenues by almost 19% over the year.

Bet365, one of the world’s largest bookmakers, has once again published its financial results for the period April 2022 to March 2023. The company also released statements on corporate governance, environmental performance and group strategy.

As the document reveals, revenues from sports betting and gaming increased by 19% year-on-year, an increase from £3.39bn to £4.31bn. The latter of the two categories performed better, with gaming revenues up 31% and sports betting revenues up 15%.

As reported by Gamblinginsider, partnerships and developments such as Lotto365, launched in 2023, and the partnership with the PGA Tour, as well as the 2022 FIFA World Cup, have increased the number of active players by around 30%.

However, rising costs such as IT infrastructure upgrades, nearly 1,000 new staff and other expenses meant Bet365‘s sports betting and gaming segment made a loss of £24.5 million, compared to a profit of around £50 million last year. The group also paid around £482 million in tax to the UK Exchequer.

In the 2024 financial year, the US will be a clear focus for Bet365, which in the previous calendar year had successes in Iowa, Louisiana and Ohio, for example, and has a presence in more than half a dozen states.

In addition, several partnerships have proven successful, including sponsorship of the MLB team Cleveland Guardians.

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