Bet365 sees profits fall 90 per cent

Profits at bet365 dropped 90 per cent in 2022 and its CEO Denise Coates – one of the highest-paid women in global business – saw her income in the year fall by £25m (€28.4m).

Coates took salary and dividends in the year totalling £213.4m (€242.4m), but her company, the online betting giant, only had a 2.9 per cent increase in revenue in the year to £2.8bn (€3.1bn). Profits totalled £49.8m (€56.3m), down from the £469m (€532.8m) posted last year.

Sports betting declined by two per cent, but gaming revenue was up 25 per cent. The company said that the drop in profits was down to the £320m (€363.5m) in additional administration expenses, such as advertising in new markets and investment in new technology.

Bet365 has expanded into Argentina, Colorado in the US, the Netherlands and in Ontario’s new jurisdiction in Canada.