Bet365 reports higher revenues but also records increased losses in financial year 2022/23

Bet365 has released its annual report, revealing a significant increase in revenue but also showing a substantial rise in operating losses. The report covers the 52 weeks ending on March 26, 2023, and highlights a total gaming and betting revenue of £3.39 billion ($4.32 billion). This represents a 19% increase from the previous year.

Despite the increase in revenue, the company reported a gross profit of £2.87 billion ($3.66 billion), an increase from the prior year. However, administrative expenses also rose to £2.89 billion ($3.69 billion), resulting in an operating loss of £24 million ($30 million) for the period.

The company also reported fair value losses on investments of £62 million ($79 million) and a loss before taxation of £60.19 million ($76.8 million). The total loss for the financial period reached £69.41 million ($88.5 million), a significant decrease from the previous year’s profit of £33 million.

Bet365’s total comprehensive expense for the period was £61.23 million ($78.1 million). Despite these financial challenges, the company’s chief executive officer, Denise Coates, received an annual salary of £270.7 million, with £50 million of the total coming from dividends.

The company is still focused on global expansion efforts, seeking a license in North Carolina and recently securing a sponsorship deal for the US Darts Masters. However, it has also faced regulatory warnings, along with other betting companies, from the Australian Communications and Media Authority for violations of the country’s in-play betting rules.

Overall, Bet365’s annual report demonstrates both the company’s impressive revenue growth and its significant financial challenges, as well as the continued leadership and global expansion efforts of its CEO, Denise Coates.