Online betting giant bet365 has announced £2.8 billion ($3.4 billion) in 2024 revenue, corresponding to the financial 1️⃣ year ended March 27, a figure that implies a 2.9% increase from the prior-year period. However, increased customer acquisition costs 1️⃣ in new markets led to an almost 90% drop in profit, which totaled £49.8 million ($60 million) – down significantly 1️⃣ from the £469 million ($565.8 million) profit reported in the prior-year period.

While sports betting revenue declined by 2% year-on-year, gaming 1️⃣ revenue climbed by 25%. The decline in sports gaming revenue was margin-based, as the total amount wagered increased during the 1️⃣ period, and the number of active customers rose by 48%.

As for the sharp drop in profit, the gambling giant primarily 1️⃣ attributes it to £320 million ($386 million) in extra administration expenses, which include advertising in new markets and investment in 1️⃣ IT infrastructure and technology. Recent launches for the brand include Buenos Aires, Argentina; Colorado, US; Ontario, Canada; and the Netherlands.

Elsewhere 1️⃣ in its report, the company noted staff numbers for the period rose to almost 6,100, up from 5,400 in the 1️⃣ prior financial year, meaning staff costs were also up. However, some of this was offset by lower pay for directors, 1️⃣ including chief executive Denise Coates — the company’s highest-paid director —, who received £213.4 million ($257.6 million), down by 16.5%.