BET365 PROGRESSES IN AUSTRALIAN MARKET
Reports significant headway towards cutting losses.
Online gaming firm bet365’s Australian arm has reportedly made good progress and significantly cut the substantial losses previously reported in its fiscal 2015 report for the 12 months ended March 27.
According to Australian Securities and Investment Commission documents bet365 Australia has whittled its losses to A$10.9 million, significantly down from accumulated losses of A$133 million since its launch in the Australian market in 2012.
The 2016 financial report notes that bet365’s progress supports "the Directors view that over the longer term the Company will become profitable and, therefore, deliver a positive contribution to the Group."
The Australian Financial Review (AFR) reveals wagering amounts with bet365, during its fiscal 2016, reached A$ 2.5 billion, an increase of A$ 438 million over fiscal 2015. The company is now believed to hold around 17 percent of the Australian online sports betting market, AFR said citing unidentified media and sports sources.