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Online betting giant bet365 has announced £2.8 billion ($3.4 billion) in 2024 revenue, corresponding to the financial year ended March 💳 27, a figure that implies a 2.9% increase from the prior-year period. However, increased customer acquisition costs in new markets 💳 led to an almost 90% drop in profit, which totaled £49.8 million ($60 million) – down significantly from the £469 💳 million ($565.8 million) profit reported in the prior-year period.

While sports betting revenue declined by 2% year-on-year, gaming revenue climbed by 💳 25%. The decline in sports gaming revenue was margin-based, as the total amount wagered increased during the period, and the 💳 number of active customers rose by 48%.

As for the sharp drop in profit, the gambling giant primarily attributes it to 💳 £320 million ($386 million) in extra administration expenses, which include advertising in new markets and investment in IT infrastructure and 💳 technology. Recent launches for the brand include Buenos Aires, Argentina; Colorado, US; Ontario, Canada; and the Netherlands.

As for product development, 💳 investment in technology led to development with a specific focus placed on trading platform capability. Specific novelties include website enhancements; 💳 the introduction of a new Golf product and updated visuals within the Virtual Sports offering; the development of “Bet Builder” 💳 to introduce Rugby League, American Football and Australian Rules; the extension of the Match Live product by adding two esports 💳 games, and more.

While the latest financial results may be somewhat disappointing given bet365’s major scale, the company still has much 💳 to look forward to in its next financial year report — especially given it will be impacted by the recent 💳 2024 World Cup, expected to boost operations.

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