Sports Betting Market Widens For Some UK Bookies
Date Posted: September 28, 2016
Bitcoin sports betting may have become popular nowadays, but the earnings for that part of the industry are still small compared to the profits earned by the gambling giant Bet365. The company has cemented its position as the world’s largest real-money online gambling company by reporting pre-tax profit of £448 million for the financial year of 2015-2016. This is equivalent of around $581.6 million.
The company’s overall revenues rose by five percent to £1.65 billion this year, but profits rose by 10 percent. The total bets made for this year reached £36.9 billion. This year’s earnings only keep up with Bet365’s previous performance.
Last year, the company revealed that their pre-tax profits were up by 92 percent, with sports betting customers showing a 43-percent increase. This year’s increase is a lot smaller, but last year had some really big events. Bet365 has still managed to increase its sports betting revenue by six percent, with in-play betting contributing 72 percent of the total revenue.
This growth just shows how the company has grown from its small roots. Starting with a tiny base in year 2000, it now currently employs 3,404 staff. It currently has 23.1 million registered customers, with active customers going up 11 percent yearly.
Bet365 reports having £1.1 billion cash in hand to use for buying new properties. However, a report from last year by the Financial Times revealed that the top people of the company doubted whether Bet365 would want to grow by acquisition. The main reason for this is that the company’s family-owned approach advocates privacy and home-grown development.
The company’s CEO Denise Coates likes complete control over all of the aspects of the company. This approach may not work with other companies, but Bet365’s remarkable performance over the past 10 years has proven that the company benefits from it. Denise Coates’ personal wealth is around $4 billion, so she is most likely happy enough to grow the company slowly.
However, the availability of Amaya for sale could be quite tempting. Bet365’s poker platform uses the iPoker network, but much of the company’s wealth has largely come from its sports betting platform. Adding the world’s largest proprietary online poker platform to Bet356’s stable of properties can potentially mean more profits.
Overall, it’s good news all over for Bet365. Depending on how the company’s management approaches the coming year, it may potentially end up with more profits next year, with the bulk of the number from the online sports betting department. How this will influence the Bitcoin sports betting market, however, remains unclear.