By
Amelia Walker
Senior Content Writer Updated: 15 January 2025
Amelia Walker Senior Content Writer
Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.
Bet365 has returned to profitability in its 2023-24 financial year, driven by strong revenue growth, product enhancements, and successful US market expansion. The operator reported group revenue of $4.65 billion for the 12 months ending March 31, 2024, a 9% increase compared to the $5.158 billion achieved in the previous year.
After incurring a loss in the previous year, bet365 returned to profitability in 2023-24. Profits before tax reached $770.45 million, a significant turnaround from the prior year’s $89.27 million loss. Operating profit also dramatically improved, surging to $487.651 million from an operating loss of $45.8 million in the previous year.
CEO and co-founder Denis Coates highlighted the impact of the company’s US expansion, stating:
During this period, the group has continued to invest significantly in its American platform and has successfully launched regulated products in Arizona, Iowa, Indiana, Kentucky, Louisiana, North Carolina, and Pennsylvania.
This strategic expansion into new US markets has significantly contributed to revenue growth and overall performance. The US market presents a sizeable opportunity for growth, and bet365’s strategic entry and successful product launches have positioned the company for continued success in this competitive landscape.
bet365 emphasized the importance of product innovation in driving its success. The popular Bet Builder was expanded to include new sports such as boxing, cricket, Formula 1, and UFC, enhancing its appeal to a wider audience and providing customers with more diverse betting options. Enhancements were also made to their fantasy product, and new sports were added to the virtual sports offering, further enriching the overall customer experience.
Product personalization has played a crucial role in the company’s success. It has prioritized tailoring the gaming experience to individual customer preferences. This includes rolling out an updated game recommendation engine across various gaming segments and markets. Such a focus has enhanced customer engagement and satisfaction and has proven instrumental in fostering customer loyalty and driving long-term growth.
While the gaming segment remains broadly flat year-on-year, the company acknowledged the challenges faced by its live casino product. Despite these headwinds, bet365 has continued to prioritize live casino games, expanding its dedicated table games offering and launching a second exclusive live game show based on the in-house slot game Super Mega Ultra. This demonstrates the company’s commitment to innovation and enhancing its product offerings across all key segments.
Bet365 reiterated its commitment to safer gambling, emphasizing its participation in the UK Gambling Commission’s pilot scheme for increased financial vulnerability checks. The operator is also actively cooperating with AUSTRAC (Australian Transaction Reports and Analysis Centre) in an ongoing AML (Anti Money Laundering) investigation into its Australian business. These initiatives demonstrate bet365’s dedication to responsible gaming practices and compliance with regulatory requirements.
The company’s return to profitability in 2023-34 demonstrates its resilience and ability to adapt to evolving market conditions. Its continued focus on product innovation, strategic market expansion, particularly in the growing US market, and commitment to responsible gambling make it well-positioned for continued growth and success in the years to come.
Strong Growth Observed in New York Mobile Sports Betting MarketRead ArticleAmelia WalkerJanuary 20, 2025
What’s in Store for the Gambling Industry in 2025?Read Article
Lisa SpencerJanuary 17, 2025
Odds88: Shaping the Future of Sports and GamingRead Article
Blake RobertsJanuary 13, 2025