Bet365 Returns to Profitability, Driven by U.S. Expansion
Bet365 returned to profitability in the 2023-24 financial year, driven by strong results from its growing operations in the U.S. sports betting market. The company reported a 9% year-over-year revenue increase, reaching £3.72 billion ($4.65 billion). Operating profit hit £396.6 million, a sharp improvement from the £24.7 million loss recorded the previous year.

U.S. Operations Fuel Growth
A major factor behind Bet365’s financial turnaround was its expansion in the U.S., where the company has launched platforms in six states: Arizona, Iowa, Indiana, Kentucky, Louisiana, and Pennsylvania. Bet365 also gained approval to operate in Illinois in December 2024, further solidifying its presence in the competitive market.
The company’s sports betting revenue rose by 11%, helped by these geographic expansions and new product enhancements. Bet365’s Bet Builder feature now includes sports like boxing, cricket, Formula 1, and UFC, offering more variety to bettors. Virtual sports and fantasy betting options also saw upgrades, and the platform added French and Latin American Spanish translations to attract a broader audience.
Investments and Betting Trends
Bet365 is making significant investments in the U.S., including building a new headquarters in Denver, Colorado, expected to create 1,000 jobs across various corporate divisions. The company is also tapping into trends popular with U.S. bettors, including:
- Player performance betting, especially in basketball, with wagers on NBA stars like Nikola Jokić, Luka Dončić, and Stephen Curry gaining traction.
- Women’s sports, where interest is growing, particularly in the WNBA and games featuring standout players like Caitlin Clark.
Challenges in a Competitive Market
Despite its success, Bet365 faces challenges in the U.S. market. The competition is fierce, with established operators like DraftKings and FanDuel dominating in many states. Additionally, differing state regulations for online gambling create logistical hurdles for nationwide operations.
Bet365’s return to profitability was bolstered by a slightly longer reporting period, with an additional week compared to the previous year. However, the company’s online casino segment saw little growth, reflecting pressure in the live casino market.
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