Pre-tax profits rise 92 percent to GBP 410.2 million
A 43 percent rise in sports gamblers has driven a 92 percent rise in pre-tax profits to GBP 410.2 million at online gambling group bet365 … and the prospects for the UK headquartered company to grow organically rather than by mergers and acquisitions are good, analysts said this week.
Amounts wagered on sport rose by more than a third to exceed GBP 34 billion as in-play betting boomed.
The company took on more employees in the year, boosting its head count 9 percent to just under 3,000, and making Bet365 the biggest single employer in its home base of Stoke-on-Trent.
However at GBP 75 million this year dividends paid to its Coates family owners were lower than the GBP 95 million divvied out last year. GBP 10 million was transferred to the company's charitable foundation, which donates to a number of worthy causes.
Denise Coates, joint chief executive with brother John, said: "The four weeks of the FIFA Football World Cup generated a significant number of new customers, increased amounts wagered and strong revenue performance during the traditionally slower betting period of June and July.
"The mobile sports product built upon the strong performance seen in previous years, delivering an overall increase in amounts wagered of 59 percent and revenue growth of 66 percent, making mobile the most popular medium for betting."
The increase in new customers means the lifetime number of sign-ups approached the 18.5 million mark during the period.
The company invested GBP 30 million in a new HQ, and Coates revealed that the group will continue to invest in infrastructure and technology around the world.
Although its overseas betting operations have been transferred to Gibraltar, Bet365 continued paying its UK-based taxes, and there was therefore not impacted by the introduction of point-of-consumption tax changes in Britain.
A spokesman told the Financial Times that the company is expanding overseas and expects to have licenses in 12 countries soon.
The company also sponsors Premier League football club Stoke City, which has reported a GBP 800,000 profit this year after losing GBP 5 million in 2014.
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