Bet365 Reports Pre-Tax Loss of Over £72 Million as CEO Denise Coates Enjoys £220.7 Million Salary

Bet365 Reports Pre-Tax Loss of Over £72 Million as CEO Denise Coates Enjoys £220.7 Million Salary

Bet365 Reports Pre-Tax Loss of Over £72 Million as CEO Denise Coates Enjoys £220.7 Million SalaryAn industry leader in both the UK and the global gambling industry as a whole, Bet365 shared that its sports and gaming revenue has grown to £3.39 billion in 2022-23. The figure was disclosed in the company’s annual financial report, and it marked a substantial revenue growth of 19% compared to the £2.85 billion revenue reported last year. Gaming was notable in its revenue increase of 31%, while sports achieved half that at 15%. According to the report, these surges were the result of Bet365’s expansion to a variety of global markets, as well as the 2022 Fifa World Cup.

The company found itself losing £60.2 million from its betting and gaming segment, however, with the quoted figure specifically pertaining to pre-taxation losses. In addition, losses from the Stoke City Football Club stood at £12.4 million, with the total group loss before taxation reaching a staggering £72.6 million. In spite of this, Founder and CEO of Bet365, Denise Coates, was paid over £270 million for the 52-week period, as reported by The Times. Her salary accounted for £220.7 million of the substantial sum, making for an addition of nearly £8 million to her earnings, which stood at £213 million for the 2021-22 financial year. The rest of the 2022-23 sum was a £50 million dividend, half of the total dividend of £100 million. It should also be noted that her charity, the Denise Coates Foundation, received donations of £100 million from Bet365.

Bet365 Faced a Direct Cost Increase of £96.3 Million

Bet365 Faced a Direct Cost Increase of £96.3 MillionIn its report, an emphasis was placed on the fact that Bet365’s active customer figures have increased by 29%, which is positive in spite of the fact that the results submitted last year displayed a 48% increase. This, along with the factors outlined above, were also what an increase of costs has been attributed to, however, especially when it comes to Bet365’s entering the US and Canadian markets. The revenue growth led to direct costs increasing by £96.3 million.

Administrative expenses also grew by £585.2 million, while staff costs saw an increase of 11% as Bet365’s sports and gaming staff grew by nearly 1,500. This was the result of the company’s efforts to accommodate for its business expansions. The figure of employee number ultimately stood at 7,567 for 2022-23, in contrast to the 6,092 reported last year.

As established, Bet365 has suffered a pre-taxation loss of more than £60 million from its sports and gaming operations. This figure strongly contrasts what was reported for 2021-22, as in the period of 52 weeks spanning from April 2021 to March 2022, Bet365 had managed to not only break even, but successfully acquire a pre-taxation profit of £76.1 million from sports and gaming. A loss was also recorded when it came to the Bet365-owned Stoke City Football Club. However, in this case, the results were an improvement to what we saw in the year prior: £12.4 million in losses compared to losses of £26.2 million.

The company did highlight its achievements in product development, however. In terms of sports betting, the Bet365 website received enhancements to its website, and its globalisation efforts were accompanied by the addition of French and Latin-American Spanish to its language options. An emphasis was also placed on Bet365’s launches in various US states and Ontario in 2022, a trend that continued in 2023. As established earlier, gaming made up the bulk of Bet365’s betting and gaming segment profits, and the company stressed its efforts in securing partnerships with software suppliers, localisation, and prioritising live casino products.

Daniel Williams

Daniel Williams has started his writing career as a freelance author at a local paper media. After working there for a couple of years and writing on various topics, he found his interest for the gambling industry.

Daniel Williams

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