Founded about two decades ago, Bet365’s business has benefited from the growing popularity of online sports betting. Little changed from a year earlier as the pandemic continued to weigh on sports wagering from postponed or canceled events. This is the main balance of the financial numbers communicated by the UK sportsbook for FY 2020-2021. The group reported revenue of £2.79 billion compared to the £2.76 billion recorded in 2019-2020 period. Sports and gaming accounted for a grand majority of the revenue: £2.77 billion. Gaming rose 8%, offsetting lower sports revenue. In-play share made up 68% of the sports revenue, falling from 75% in 2020.
Most relevant indicators reveal the company made a profit of £470 million before tax. This was a rise of 242.3% from previous year. The number of active customers rose by 13%, against a 4% upsurge in 2020. However, amounts staked on sports fell by 13%, as opposed to an 8% decrease in 2020. Administrative expenses came to £2.04 billion in total, £170.5 million less than in 2020. This favored operating profit for the year, which totaled £285.5 million, up by 46.6% from 2020. Total wagers on sports were down by 13%, the second consecutive year of declining stakes. Football club and facilities revenue, from Bet365 Group-owned Stoke City FC, came to £29.3 million.
Denise Coates, founder and CEO at Bet365, share her vision on these results. “The global suspension of sports across all levels resulted in dramatically reduced revenues. However, sports resumed in the second half of the period and revenues increased to above pre-pandemic levels. This, allied with the significant migration of customers during the various lockdowns from sports betting to gaming, led to overall revenues remaining broadly flat,” she declared.