Bet365 revenues cross the GBP 2 billion mark

The Coates’ UK independent online gambling firm bet365 has crossed the GBP 2 billion mark reporting revenues for the year ending March 26, 2017 of GBP 2.15 billion, up from GBP 1.65 billion in the previous fiscal year.

Operating profit increased from GBP 456 million to reach GBP 503 million and pre-tax profits were GBP 514 million, up GBP 55 million over the previous year. Total stakes totaled GBP 46.9 billion.

The company has grown its staff complement by 400 odd to reach around 3,800 full-time employees.

“On behalf of the board I am pleased to report that the Group continued to experience significant growth during the period, with overall revenues and operating profit increasing year-on-year,” Joint chief executive Denise Coates said.

“Sports and gaming activities contributed significantly to the overall growth of the Group, with revenue and operating profit also increasing year-on-year.

“Financial performance in the year was augmented by what was, for the Group, a good 2016 Football European Championships. In addition, the fall in the value of sterling during the period also impacted favourably.”

Peter, John and Denise Coates reportedly distributed GBP 32.4 million in dividends amongst themselves during the reporting period.

Charitable contributions more than doubled to reach GBP 50.7 million, distributed through The Denise Coates Foundation.