Bet365’s revenue ticked slightly up in 2021-22 as gaming growth offset a sports betting decline, but increased customer acquisition costs in new markets led to an almost 90% drop in profit.
Bet365 reported that revenue from sports and gaming for the year ended 27 March 2022 was up by 2.9% year-on-year to £2.85bn.
The increase was mostly due to the success of its gaming operations. Sports gaming revenue was down by 2% from 2020-21, while gaming revenue was up by 25%.
This would suggest sports betting revenue for 2021-22 of around £2.30bn, while gaming revenue would fall around £546m.
Bet365 revenue was up by 2.9% year-on-year to £2.85bn.
The operator said that the decline in sports betting revenue was margin-based, as the total amount that was wagered increased and the number of active customers was up by 48%.
Regulus Partners noted that Bet365’s margins in 2020-21 were “unusually high”, and that in 2021-22 they came back to more typical levels. It said that on an underlying bas..