The bet365 Group’s year-on-year growth run has come to an end, as the betting firm was unable to prevent the pandemic of 2020’s effects.
The Coates family-owned company posted group sales of £2.8 billion in its 2019/2020 corporate reports, down 8 percent from the previous year’s figures of £3 billion.
COVID-19’s suspension of the global sports calendar, which will was enforced from March 2020 onwards, has derailed the Stoke-based operator’s trading momentum.
Furthermore, bet365’s financial figures were compared to difficult 2018 comparable, which included FIFA World Cup trade, with trading rates down by about 8 percent, according to bet365 accounts.
Active customer base growth
Despite the negative effect on sales, bet365 announced that its active customer base grew by 4 percent, with good growth in France, Poland, and Portugal.
Meanwhile, bet365 management in the United Kingdom reported that it had placed a priority on ensuring that its goods and customer support departments were completely compatible with KYC and player affordability criteria.
Online gaming sector
Net administrative costs of £2.21 billion will be reported in bet365’s 2019/2020 results, with a bulk of £2 billion credited to the company’s online gaming sector.
As a result, bet365’s net profit was £194 million, down 75 percent from the previous year’s high of £758 million.
A further £87 million deficit was reported in the company’s corporate reports linked to the Coates-owned Stoke City football club.
Increased employees number
Providing a summary of the company, bet365 announced that it had added another 500 workers during the time, taking the overall number of employees to over 5,000.
In signing off on its accounts, bet365 confirmed that it was actively watching all COVID-19 trends in terms of protecting its workers, while also agreeing that regulators would enforce higher enforcement obligations across controlled markets.