Northern Exposure: Bet365 Reports Annual Increase In Revenue, But Profits Plummet

Greg Warren
Written by: Greg Warren

Each week, Canada Sports Betting recaps all the top sports betting and iGaming news in Canada and highlights upcoming events.

Our top stories this week

Event of the week

NFL Wild Card Weekend

If you plan on betting this weekend, odds are you’ll be throwing down some cash on the NFL playoffs in some capacity.

The NFL’s Wild Card Weekend slate includes six games, including the Buffalo Bills taking on the Pittsburgh Steelers on Sunday afternoon. All of the action gets underway Saturday afternoon and carries through to Monday night when the struggling Philadelphia Eagles take on the Tampa Bay Buccaneers.

Be sure to check back with Canada Sports Betting this weekend for more NFL content and betting previews for these highly anticipated games.

bet365’s latest financials

Earlier this week, bet365 released its latest financials for the 52-week period ending March 26, 2023.

The United Kingdom’s leading online sports betting and gaming firm saw revenue rise 19% to £3.4 billion year-over-year. Sports betting revenue was up 15% from the previous fiscal year, while iCasino experienced a 31% bump. However, despite the spike in revenue, bet365 took £61.2 million in losses for the year due to ballooning administrative expenses associated with new market launches, among other factors.

Infographic courtesy: Earnings+More Newsletter.

During the fiscal year, bet365 launched in several U.S. states including Colorado, Ohio, and Virginia, among others. North of the border, the operator is part of the regulated igaming market in Ontario and also operates in the grey market in all other Canadian jurisdictions.

“During this period, the Group has invested significantly in its American platform and successfully launched in Colorado, Ohio, Virginia and most recently Iowa, Kentucky and Louisiana,” bet365 primary owner Denise Coates said in her letter opening the annual report. “In addition to the U.S. market activity, resource was also allocated to support product development and a subsequent new business launch in Ontario.”

In Ontario, industry regulators don’t make operator market share data public. Still, there’s a wide assumption that bet365, which has been accessible to bettors via the grey market in the province for a very long time, is one of the market leaders due to its longstanding previous relationship with Ontario bettors.

The report also revealed that Coates was paid £221 million during the reporting period, £7 million more than the preceding year.

Gronk’s ‘Kick of Destiny’ to return for Super Bowl

FanDuel created quite the buzz with a quirky Super Bowl promotion featuring former NFLer and brand ambassador Rob Gronkowski last year, and Gronk’s coming back this year to attempt a 25-yard field goal that could score the operator’s U.S. customers collectively $10 million (USD) in free bets.

Last year, Gronk hooked the kick wide left, spoiling the $10 million bonus pool of free bet money for American sports bettors. FanDuel took pity on its customers, though, and still credited users who wagered $5 or more on the Super Bowl with a free $5 bet.

This year, FanDuel’s American customers will have to choose whether or not Gronk makes the kick to have a shot at the bonus bets. Unfortunately, the promotion won’t be available to FanDuel’s Ontario customers. However, bettors in the province can still select within the app whether or not the legendary tight end will make the kick.

Super Bowl LVIII will be played in Las Vegas on Feb. 11.