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Another fantastic result for Bet365, which managed to increase its revenue by nearly 19% over the course of 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 published statements on corporate governance, environmental performance, and group strategy.
As the document shows, sports betting and gambling revenue increased by 19% year-on-year, from £3.39 billion to £4.31 billion. The latter of the two categories performed better, with gambling revenue rising 31% and sports betting revenue up 15%.
As reported by Gamblinginsider, partnerships and developments such as Lotto365, which launched in 2023, and the partnership with the PGA Tour, as well as the 2022 FIFA World Cup, increased the number of active players by around 30%.
However, rising costs such as IT infrastructure upgrades, nearly 1,000 new employees, and other expenses meant that Bet365’s sports betting and gambling segment posted a loss of £24.5 million, compared to a profit of around £50 million the previous year. Additionally, the group paid approximately £482 million in taxes to the UK Treasury.
In the 2024 financial year, the USA will be a clear focus for Bet365, which was successful in Iowa, Louisiana, and Ohio in the past calendar year and is now present in more than half a dozen states.
In addition, several partnerships have proven successful, including the sponsorship of the MLB team Cleveland Guardians.
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