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Bet365 Record Profit in Australia for the First Time

2017-08-14 06:40:28

Bet365 is one of the world’s biggest online gambling companies. The company boasts annual revenues of close to £1.5 billion and employs more than 3,000 at its headquarters in Stoke on Trent, England. Since its foundation in 2000, the UK based company has grown into one of the most well respected online gambling companies in the world by offering an excellent range of sports betting, casino games, poker and bingo to over 19 million customers in almost 200 countries. Their global success, however, has failed to extend to Australia where the company has recorded annual losses for the last five years. The bosses at Bet365 will be hopeful that their fortunes ‘down under’ have finally changed as they’ve posted their first ever profit in the region.

First Profits

Despite their reputation as one of the market leaders in the online gambling industry Bet365 has so far failed to establish themselves as major players in Australia. The company first launched its platform in the region in 2012 but has only just become profitable, although just barely. In the 12-month period ending March 26th Bet365 Australia recorded a meagre pre-tax profit of just A$1.2m (US $960k). The profit has been credited to the site’s increasing customer numbers as well as cost cutting measures such as decreasing a “levy expense” paid to racing and sporting bodies by A$1m. Papers filed with the Australian Securities and Investments Commission show that the Australian branch of the online gambling company posted betting revenue totalling A$101.4m for the period.