SBC News Tech muscle helps bet365 break £2 billion revenue mark

Tech muscle helps bet365 break £2 billion revenue mark

Filing its 2016/17 corporate accounts (12-month period ending March 2017), independent online betting group bet365 has detailed that it has surpassed the £2 billion revenue mark (2015/16: £1.6 billion).

The Stoke-based operator details that during 2016/17 its betting/gaming assets recorded £46 billion in player wagers.

The independent firm’s improved revenue metrics would see bet365 declare full-year corporate profits of £503 million up 10% on 2015/16’s £465 million.

The firm details that its strong year performance was driven by strong trading during UEFA Euro 2016 (10 June- 10 July) and the significant decline in the value of £ Sterling during the 12-month period.

bet365, the biggest employer of Stoke-on-Trent (Staffordshire), continues to expand its operations, committing to opening a new £8 million ‘Etruria Valley’ Training Centre for its growing headcount.

Considered one of the biggest and most profitable UK tech enterprises, in 2017 bet365 has further expanded its Manchester Spring Gardens technology hub, seeking best development and engineering talent for its corporate growth projects.

The firm’s deep commitment to proprietary technology and in-house development has seen it acquire US digital infrastructure and engineering language technology Basho in August 2017.

In the 2016/17 corporate filing, bet365 CEO Denise Coates commented on the firm’s year performance: “Sports and gaming activities contributed significantly to the overall growth of the Group, with revenue and operating profit also increased year-on-year.”

“Financial performance in the year was augmented by what was, for the Group, a good 2016 Football European Championships. In addition, the fall in the value of sterling during the period also impacted favourably.”

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