bet365 Group has seen its year-on-year growth drive come to an end, as the betting group could not escape 2020 pandemic circumstances.
Filing its 2019/2020 corporate accounts, the Coates family-owned business disclosed group revenues of £2.8 billion, down 8% on corresponding 2018/2019 results of £3 billion.
The Stoke-based operator’s trading momentum was derailed by COVID-19’s suspension of the global sports calendar implemented from March 2020 onwards.
Furthermore, bet365 financial results resided against tough 2018 comparatives, which featured FIFA World Cup trading, as bet365 accounts disclosed that trading volumes fell by around 8%.
Despite its revenue impacts, bet365 revealed that its active customer base increased by 4%, recording strong growth in the markets of France, Poland and Portugal.
Meanwhile, within the UK, bet365 management stated that it had undertaken an applied focus on ensuring that its products and customer care teams were fully compliant with KYC and player affordability requirements.
bet365’s 2019/2020 accounts would register total administrative expenses of £2.21 billion – with a majority of £2 billion attributed to its online gambling business.
As a result, bet365 recorded operating profits of £194 million, down 75% on 2018/2019 record results of £758 million.
The firm’s corporate accounts disclosed a further £87 million loss attached to the Coates-owned Stoke City football club.
Providing an overview of the company, bet365 revealed that it had hired a further 500 staff during the period, with its total company headcount surpassing 5,000 employees.
Signing-off its accounts, bet365 stated that it was monitoring all COVID-19 developments closely in relation to protecting its staff, while recognising that regulators would place higher compliance duties across regulated markets.