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Bet365 Loses A$40.8 million In Australia
Wednesday August 6,2014 : AUSSIE VERSION OF BET365 BATTLES DOWNUNDER
A$40.8 million losses reported in 2014 results.
The British online gambling group Bet365's venture into the Australian market is proving to be an expensive business, with the usually successful company reporting losses of A$40.8 million in its 2014 financials, said to be generated mainly by start-up costs.
The latest result takes the online betting company's accumulated losses to A$77 millon in just over two years (the firm logged a A$36.2 million loss in 2013 as it entered the fiercely competitive market).
Based in Darwin, the online bookmaking firm obtained a licence in early 2011 and began operating the following year
The parent company in the UK has kept the money flowing to its Aussie subsidiary in the form of loans which remain without repay time limits until the company Downunder is generating positive cash flows.
That end could be in sight, as the Australian branch reported that revenues over the 12 months ended March 31 grew by 278 percent to $29.1 million - a significant improvement on the A$7.7 million of the preceding year.
In its latest report, the Australian offshoot also reports growth in its player base, up 83 percent at 73,000 actives, who placed A$1.5 billion in bets. A$447 million of those wagers, or 30 percent of turnover, were generated from mobile devices.
The Sydney Morning Herald reports that this suggests Bet365’s market share has grown to command about 11 percent of the A$13 billion online betting industry Downunder. The company said $447 million, or 30 per cent of turnover, was wagered via mobile devices.
Significant costs have been incurred in staffing costs; the company employs 210 people and costs have soared 63 percent to A$19.9 million over the last year.
The report also incurred heavy expenditure in advertising and technology as it sought to build brand awareness and ensure that the infrastructure was strong in flexibility and scalability for the future.
The SMH notes that Bet365 CEO Denise Coates is used to sorting out loss-making initiatives, pointing to the company's expensive support for the Stoke City football club in England, which has cost the company around GBP 100 million over the years. The football club had losses of GBP 31 million in the 2013 financial year.
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