Bet365 has reported revenue of £2.85bn for 2021-22. That’s a rise of 2.9% year-on-year. However, operating profit fell by 87.8% to £41.7m due to the cost of customer acquisition in new markets.
Sports betting revenue was down by 2% due to margins (wagers were up by 48%) but gaming revenue rose by 25%. However, marketing costs grew by 1.4% to £496.8m and administrative expenses by 18.2% to £2.31bn due to “significant costs associated with raising brand awareness in new markets alongside continued investment in IT infrastructure and technology”.
Staff costs rose, with the number of staff rising from 5443 to 6092, although CEO Denise Coates took a 16.5% pay cut, receiving a mere £213.4m. Pre-tax profit was £76.1m.
Factoring in a £26.2m loss from Stoke City Football Club, the group made a pre-tax profit of £49.8m. Total profit was down 89.8% at £42.8m.
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