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We can safely assume that it’s all smiles at bet365 HQ right now, with the popular bookmaker announcing significant growth in the year up until March 2018, with betting and gaming revenue rising 26% to £2.719 million.
The results
There was growth across the board for bet365, with sportsbook revenues rising thanks to the operator’s excellent in-play betting options, which account for 77% of total sports betting profits.Mobile betting also saw a rise, going up 29% year on year, while total operating profits rose to an impressive £682.2 million, up 33%, with £1.8 billion in cash on the company balance sheet with no debt, and an additional half a million in investments.The money isn’t going to waste either, staff costs increased by 27% as bet365 utilised their profits to create a larger team, with staff numbers rising by 10%, and EBITDA rose 30% to £722 million.
What does it mean?
For many of us, numbers that large are difficult to process and understand, Regulus Partners made a statement to help with this, and add some context, saying:“bet365 has added roughly the equivalent of William Hill’s digital business in one year’s growth and is more than double the size of PPB’s digital business (including Australia) in revenue terms.“Further, bet365’s reporting period is an ‘off-year’, with no Euros or World Cup, suggesting a return to strong growth in actives post period end, in our view.”With expansion into the New York market on the cards in the near future, as the market in the state is expected to open in 2019, thanks to a deal with Empire Resorts, it looks like bet365’s revenue growth is going to continue for the foreseeable future, and we can expect even more impressive results in 2019.