$/€ Bet365 Loses $ 93 Million in 2023 Due to US Expansion
Kate Marshal
10 January 2024
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Pictured: John, Denise and Peter Coates
Bet365, the Stoke-based bookmaker, posted a $93 million loss for 2023, Casino.org reports.
The loss was mainly caused by the company’s investments in the US market. Bet365 launched its betting app in several US states, including Colorado, Ohio, Virginia, Kentucky, and Iowa, as well as in Ontario, Canada. But the expansion came with a hefty price tag.
Despite the loss, Bet365’s revenue for 2023 rose by 19% to $4.32 billion, compared to 2022.
The revenue boost was partly driven by the FIFA World Cup in Qatar, which attracted many bettors in January 2023. Sports betting made up 78.24% of Bet365’s total revenue.
The loss did not affect the fortune of Bet365’s CEO, Denise Coates. She earned $345 million in salary from March 2022 to March 2023. That means she made about $5,000 per minute of hard work.
Bet365 is also in the running for the betting sponsorship of the UEFA Champions League, as reported earlier.
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