Independent bookmaker bet365 has reduced its Australian market losses to AUS 10.9 million (£6.3 million) for the 12-month period ending 27 March.
The figure represents a marked improvement on its fiscal 2015 market losses of AUS $31 million.
Since beginning its operations in Australia under a Darwin license in 2012, the Stoke-based bookmaker has accumulated losses of AUS $133 million (£77 million).
Reporting its results to the Australian Securities and Investment Commission, bet365 management stated that the firm was “gaining momentum in the market”. In its Australian financial update the bookmaker declared that it had generated AUS $96 million (£55 million).
In 2015, bet365 governance stated its commitment to growing its services in the competitive Australian online betting market, launching a AUS $17.3 million multi-channel advertising campaign.
At present, bet365 is believed to hold a 17% share of Australia’s online betting market, according to the Australian Financial Review.