Bet365 Australia reports AUS $40.8 million losses for 2014

deniseBet365’s Australian business division reported a yearly loss of AUS$ 40.8 million (£22.3 million). The losses amounted by the division were filed with the Australian Securities and Investments Commission.

The Darwin licensed betting and gaming division began operations in 2012, in its three years in existence Bet365 Australia has accumulated total net losses of AUS$ $77 million (£42.2 million).

The report filed by Bet365 demonstrates that its Australian division is seeing gradual returns on its initial investments. Revenue in 2014 (year ending March 31), shows an increase of 278% to AUS$ $29.1 million (£16.11 million), up from AUS$ $7.7 million (£4.22 million) in the prior year.

Bet365 have reported that it has grown its customer base to 73,000 active users in Australia, representing an 83% increase on 2013 figures. The operator also stated that it had gained 11% of market share in the Australian igaming sector.

The operators increased loss, has been attributed to increased marketing spend in the region, and further staffing cost which rose by 63% as Bet365 increases its operational staff within the Australian market.

The operator also spent significant funds on building its own operational and technical infrastructure within the region. Copying its UK approach to technical development, Bet365 took this strategy onboard in order to ‘ensure it has the flexibility and scalability to tackle the market’.

Bet365 announced a multi-million regional advertising campaign in 2013, with Hollywood A-list actor Samuel L. Jackson.