bet365 News Update: Profits Rise By A Third
bet365 News Update: Full year profits rise by a third as the company’s turnover approaches £20 billion a recent report on the betting giant has revealed.
The on line gaming goliath has certainly got something to celebrate with profits recorded at one hundred and forty eight million pounds in the fiscal year that ended on March the 31st 2013. This sum represented a 35% hike on the figures for the previous financial year. The company, bet365 is privately owned and has seen its operating profits rise by almost 55% to one hundred and seventy nine million pounds. However it was not all-good news for the betting giants, as they did have to pay a bill of almost thirty one million pounds that came from the controlling interest that the company has in the struggling football team Stoke City. The CEO of bet365 Denise Coates did state that the company was determined that the club should be less dependent on the group and that Stoke City would become more self reliant in the future.
The profits that have been posted by bet365 are calculated at more for the last fiscal year than the combined total profits of its rivals William Hill and Ladbrokes and over four times higher than the profits posted by Paddy Power. It is interesting that bet365 have not, like many of their rivals, fled the UK to trade abroad in more favorable tax climates and as a result have had to pay more corporation tax. The number of employees that bet365 have on their books has swelled, however, and with around four hundred and thirty million pounds in reserve it does not look as though they will be struggling to pay wages, even when they have celebrities like Ray Winstone on the books.
As a private company bet365 is not obliged nor does it advertise its financial details but Denise Coates did comment on the fact that besides money spent on sports betting, revenue from on line games of poker and bingo are up, as is spending in the on line casino. The company has over two million active users on the site with sign ups increasing all the time. On line net revenue
deposits have reached around one and a quarter million pounds.
There is no doubt that wagering on the continued success of bet365 would be likely to be a very safe bet indeed.
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