bet365 Review

Following a period of significant growth in the United States, the global online gambling operator bet365 is facing increased regulatory scrutiny in one of its key markets. This comes after the company reported a substantial rise in annual revenue and profits, alongside a major leadership transition.

Main News

bet365 Group Ltd. reported a 28% increase in revenue, reaching £3.39 billion for the year ending March 2023. The company’s profit after tax saw a significant rise to £459 million, compared to £49 million the previous year.

This financial performance was supported by a 29% growth in costs for sales and administrative expenses, which totaled £2.68 billion. The company noted that its expansion in newly regulated markets, particularly the United States, contributed to these costs.

During this period, a major leadership change occurred. long-time Chief Executive Officer, is stepping down from her role. She will be succeeded by the company’s current Chief Financial Officer.

The company is currently under review by the Australian media regulator. The review concerns an investigation into potential breaches of advertising rules during a live stream of a tennis match.

Summary

bet365 experienced strong financial growth, with revenue climbing to £3.39 billion and profits increasing to £459 million. The company’s expansion, especially in the US market, was a key factor in its performance.

A significant leadership change was confirmed, with the CEO stepping down and the CFO taking over the role. This transition occurs amidst a period of record financial results for the operator.

Simultaneously, the operator is facing an official review in Australia. The Australian Communications and Media Authority is investigating a complaint related to advertising during a live tennis stream.

FAQs

**Who is the new CEO of bet365?**
The current Chief Financial Officer will become the new Chief Executive Officer. This change follows the decision of the long-serving CEO to step down from the position.

How did bet365 perform financially?
The company reported revenue of £3.39 billion for the year, a 28% increase from the previous period. Profit after tax was £459 million.

What is the regulatory issue in Australia?
The Australian Communications and Media Authority is reviewing bet365 after a complaint about its advertising. The complaint is related to a promotion shown during a live stream of a tennis match.

Disclaimer: This report is for informational purposes only and does not constitute financial advice. All information is based on verified reporting available at the time of publication.