bet365 Net Profit Falls 51% to £249.7 Million

Operator bet365 has released its financial report for FY2024/2025. The iGN editorial team highlights the key figures.

Financial Performance

The company’s revenue totaled £4.04 billion, up +9% compared to the previous financial year.

Gross profit reached £3.15 billion (+4% YoY).

Operating profit declined to £217.4 million (-41% YoY).

Net profit fell by 51% to £249.7 million.

Cost Structure

Higher expenses were one of the key factors behind the profit decline.

Direct costs amounted to £896.5 million (+30.5% YoY).

Administrative expenses totaled £2.94 billion (+12% YoY).

Restructuring and market exit costs came to £59.2 million.

Tax payments in the UK reached £481.5 million (+32% YoY).

Workforce

The average number of bet365 employees was 9,462, representing a +9% increase year over year.

Reasons for the Profit Decline

The drop in net profit was driven by higher direct and administrative expenses linked to the launch of operations in new jurisdictions.

Geographic Expansion and Corporate Changes

During the reporting period, bet365 launched operations in the US states of Illinois, Pennsylvania, Tennessee, Kansas, and Maryland, and also entered the markets of Brazil, Peru, and Serbia.

On July 8, 2024, the operator removed football club Stoke City, along with its stadium and training facility, from the group structure. The new owner became company director John Coates. The loss from the transaction amounted to £98.8 million.