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BET365 SWINGS TO A LOSS IN 2022-23 RESULTS
ALLWYN Allwyn ’ s final roadblock to taking charge of the UK National Lottery was cleared in January after International Game Technology ( IGT ) withdrew its legal challenge . This brings to an end a case stretching back to June 2022 , when the UK High Court granted IGT permission to appeal the decision to hand Allwyn the fourth National Lottery licence . Incumbent Camelot has since been acquired by Allwyn .
BAD TIMES
S ports betting and gaming revenue jumped 18.9 % to £ 3.39bn for Bet365 over the year ended 26 March 2023 , though rising costs to drive this growth resulted in the operator posting a £ 61.2m loss for the period .
But could this have been a year of investment ahead of a major expansion in 2024 ? H2 Gambling Capital ’ s Ed Birkin certainly thinks so , pointing out a successful transition in Ontario ’ s reregulated igaming market . With the business already strong in Brazil , he expects a similar story once the legal market opens for business .
Ultimately Birkin believes the US will be a major focus in the year ahead , as Bet365 ramps up its activity across multiple states . “ The next few years will be more about product , and that positions Bet365 well as they expand into more states .”
That means it may soon be breathing down the necks of Tier-2 giants such as BetMGM and ESPN Bet , he predicts .
Ultimately , as a private company , Birkin believes Bet365 can invest for the future without the pressure of short-term targets . And with strong top line revenue growth underpinned by a 29 % year-onyear jump in customers , it remains a formidable competitor .
ENTAIN Former Entain CEO Jette Nygaard-Andersen believes the operator is in a “ better and stronger position than it has ever been ” following her tenure , but activist investors are circling . As director Stella David steps in as interim CEO , Ricky Sandler of Eminence Capital has joined its board . Sandler previously rubbished the deal to acquire Poland ’ s STS and also called for the business to look at selling off assets such as its 50 % stake in BetMGM US .
12 • ISSUE 135 • ICE LONDON 2024