Bet365 posts loss despite 19% revenue jump

Bet365 posted revenue of £3.4bn for the 2022-23 financial year, rising 19 per cent, but the group nevertheless slipped to an overall loss.

The £61.2m loss comes after bet365 posted a profit of £42.8m in the previous year and the group’s combined loss before tax amounted to £72.6m.

CEO Denise Coates said in her yearly review that the group has achieved “significant developments” in the business.

She said improvements “continue to be made” to the group’s Early Risk Detection System, which allows the company to identify and interact with customers at risk of gambling harm.

On the UK’s white paper, Coates added: “The group welcomes the proposals set out by the government, including proposals to improve responsible advertising measures through amendments to the Industry Group for Responsible Gambling Code, as well as taking forward a Code on Sports Sponsorship to ensure high standards in sports sponsorship agreements with gambling operators.”

Coates said bet365 has also made improvements to its Bet Builder and Bet Boost products and highlighted the group’s expansion in the US.