Global operator bet365 has published its annual report, highlighting a significant year-on-year increase in revenue. However, this favorable metric was offset by a substantial increase in operating loss.

Bet365’s report covers the 52 weeks ended March 26, 2023, and highlights a total gaming and betting revenue of £3.39 billion ($4.32 billion, current rates). This represents a year-on-year increase of 19% from the £2.87 billion recorded during the prior-year period.

In the meantime, the company reported gross profit of £2.87 billion ($3.66 billion), representing a noticeable increase from the $2.37 billion recorded in the 52 weeks ended March 27, 2022. However, the company’s administrative expenses increased dramatically in FY 22/23 to £2.89 billion ($3.69 billion). For reference, this metric stood at £2.36 billion in the prior-year period.

Overall, bet365 reported an operating loss of £24 million ($30 million) for the period, down from a profit of £15 million in FY 21/22. Fair value losses on investments stood at a staggering £62 million ($79 million), down from a profit of £28 million in the prior-year period.

The company’s loss before taxation was £60.19 million ($76.8 million). The company’s total loss for the financial period, meanwhile, reached £69.41 million ($88.5 million). For reference, bet365 recorded a profit of £33 million last year.

After all considerations, bet365’s total comprehensive expense for the 52-week period ended March 26, 2023, was £61.23 million ($78.1 million).

Denise Coates Secures a Solid Paycheck

The company’s precarious position, however, did not prevent the company’s chief executive officer, Denise Coates, from getting an annual salary of £270.7 million. Around £50 million of this total sum came from dividends, cementing bet365’s leader as one of the most well-paid executives for the year.

In the meantime, bet365 continues to pursue global expansion. The company is currently lined up for a license in North Carolina as it continues to seek global expansion. In November, the operator also secured its position as the US Darts Masters’ title sponsor, solidifying its presence in professional sports.

Elsewhere, the Australian Communications and Media Authority recently issued warnings to a number of betting companies, bet365 included, over violations of the country’s in-play betting rules.

The post Bet365’s Revenues Increased in FY 2022/23 but So Did Losses appeared first on Keno Wizard.

The gambling regulatory authority in the Netherlands, the Kansspelautoriteit (KSA), announced it imposed a hefty fine against Hillside New Media Malta, a Bet365 company, operating currently in the country. Details regarding the €400,000 ($373,600) regulatory penalty against the operator emerged Friday. Upon announcing the sanction, the KSA claimed that the operator breached the rules related to advertising to young adults.

Per the current Dutch regulatory framework, advertising targeting young adults, aged 18 to 24 is prohibited. Keeping in mind that this target audience is yet to mature, the law restricts gambling operators from engaging in such advertising. A prime reason for this restriction is that young adults can be vulnerable to easily developing a gambling addiction.

“The brains of young people are still developing. As a result, they are extra vulnerable to developing gambling addiction. Gaming providers must fully respect the rules intended to protect vulnerable groups,“

reads a statement released by the KSA

The new fine comes after the KSA probed into Hillside’s operations. According to the regulator, young adults, aged 18 to 24, registered with the company between October 26, 2021, and February 1, 2022, were contacted with ads offering bonuses. Considering the existing regulations, the KSA said that such interactions are prohibited and therefore enforced the €400,000 ($373,600) fine. At the same time, the regulator noted that this is the third fine imposed against an operator due to advertising to young people.

“The KSA found that Hillside had directed advertisements and bonuses to young adults (18-24-year-olds) registered with Hillside in the period from October 26, 2021 to February 1, 2022. That is prohibited. This is the third fine for a permit holder for advertising aimed at young people,“

explained the KSA

A Busy Period for the KSA

The latest fine against Hillside comes after last week, the KSA introduced another financial penalty against Gammix. According to the regulator, the company offered its services to Dutch customers without the necessary license. That breach dated back to last year but the operator was given a chance to remedy the situation. Since no remedial action was taken by Gammix, the KSA ordered the company to pay a €4,410,000 ($4.7 million) fine.

Before that, earlier in March, the KSA announced fines against five operators surpassing $27 million. The regulator said that the fine comes after it uncovered that the operators offered their services without a license for the Dutch market.

The post Bet365’s Hillside Receives $400K Fine from Kansspelautoriteit appeared first on Keno Wizard.