BET365 POWERING ON
21st June, 2013 at 02:47:54
Profits leap by £ 148 million
Tier one UK online gambling firm bet365
has reported profits up a third to £ 148 million, The Guardian newspaper reports.
The company, founded 13 years ago by the Coates family, handled substantially more wagers than competitors like Ladbrokes
and William Hill
, the newspaper notes. And that is despite a loss of £ 31 million incurred as a result of the firm's controlling interest in the loss-making Stoke City football club.
Bet365 saw nearly £ 20 billion wagered on its website in the year to March 2013, including sports, poker and casino products (see the online casinos listed at AZOC for more details on Bet365
) making it larger than sites operated by Ladbrokes and William Hill combined.
Despite its low profile, it is the biggest private employer in Stoke, and its workforce rose by almost 19% to more than 2,500 during the year, The Guardian reports.
Britain's tax-hungry government will be pleased with the company, which paid corporation tax of £ 31 million, in contrast to competitors who moved offshore to more friendly tax climes years ago, but may have to move back to the UK or pay secondary taxes to access the UK market when new point-of-consumption laws are implemented next year (see previous reports).
CEO Denise Coates and her fellow shareholders received dividends of £15 million last year, the latest accounts reveal, half of which went to her, with the balance largely to her brother John and father Peter. In addition, Denise received pay and bonuses last year of £ 5.4 million.
Over the past five years, bet365 has paid out dividends totalling £ 130 million, half of which have gone to Coates, cementing her reputation as one of Europe's most successful dotcom entrepreneurs.
The company has £ 430 million in cash reserves on its balance sheet.
Pretax profits from bet365's gambling operations rose 54% to £ 179 million, with new apps for tablet devices helping growth. New licences to offer betting were taken out in Spain, Denmark and Austria, with hopes of similar deals in Germany and Greece.
Related News Tags: Germany, Bet365, Ladbrokes, William Hill