Global sportsbook bet365 has announced its financial results for the financial year 2024, which ran from April 2023 to March 2024.
The results reveal that its Chief Executive, Denise Coates, has taken a pay cut. The highest-paid director at the U.K.-based sportsbook took home £94.7 million ($118 million) in FY 2024, compared to £221 million ($277 million) in FY 2023. However, Coates also received £63 million ($79 million) in dividends.
Coates’ pay cut comes as bet365 returned to making a profit in FY 2024, bringing in a pre-tax profit of £596.3 million ($747 million).
In FY 2023, the company registered losses of £72.6 million ($91 million). Betting and gaming revenue increased 9% to hit £3.7 billion ($4.67 billion).
Betting revenue increased by 11% year-on-year thanks to expanding into new markets, including new U.S. states, and upgrading its product. For example, the Bet Builder tool was added to sports such as Formula One, UFC, cricket, and boxing. Additionally, bet365 expanded its global virtual sports library.
U.S. Expansion Key to bet365 Plans
Coates acknowledged the impact that U.S. expansion has had on bet365’s revenues in a press release about the FY 2024 numbers.
“During this period, the group has continued to invest significantly in its American platform and has successfully launched regulated products in the states of Arizona, Iowa, Indiana, Kentucky, Louisiana, North Carolina and Pennsylvania,” said Denise Coates.
As the CEO noted, bet365 saw plenty of launches in new U.S. states. The online sportsbook launched in the Hawkeye State in June 2023 through its deal with Casino Queen Marquette.
September 2023 saw bet365 launch in Kentucky, going live as the online sports betting market launched for the first time. bet365 is an official partner of Sandy’s Gaming and Racing in the state.
In November 2023, the sportsbook was added to the list of states where it’s available by launching in LA.
The start of 2024 brought another launch, with bet365 going live in Indiana, receiving its license from the Indiana Gaming Commission after agreeing to a deal with French Lick Resort. Shortly after, the online betting platform went live in Arizona in February 2024, signing an agreement with the Ak-Chin Indian community to receive its license from the Arizona Department of Gaming.
While bet365 launched in North Carolina in March 2024, the period covered by FY 2024, the Pennsylvania launch did not come until July 2024, under FY 2025.
bet365 Plants Roots in the U.S.
bet365 Sportsbook is now available in 11 states, including Colorado, New Jersey, Ohio, and Virginia, which it joined before FY 2024. Aside from expanding into more U.S. states, bet365 has made it clear that the U.S. is central to its business plans.
The company opened a new headquarters in Denver, Colorado in September 2024. When the HQ opened, bet365 declared 50 people were already working there, and the company planned to hire more than 300 employees in 2024.
The Colorado Economic Development Commission granted bet365 a tax credit of up to over $14 million based on job creation over an eight-year period, with an end goal of hiring around 1,000 people.
