Bookmaker bet365 has released its financial report for the 2022-2023 fiscal year, revealing a record revenue of £3.39 billion. According to the UK Gambling Commission, these profits mark a substantial increase of 19.1% compared to the preceding year when bet365 earned £2.85 billion during the 2021-2022 financial period.
Despite the impressive rise in revenue, the company reported an overall loss of £61.2 million. Analysts explained that this stands in stark contrast to the bookmaker's profit of £42.8 million in the previous year.
The reported losses are attributed to a general escalation in costs throughout the business, with direct costs soaring by 41% to £516.6 million. Administrative expenses also experienced a notable increase of 42.2%, reaching £2.93 billion compared to the corresponding period in the preceding season.
