Bet365’s earnings for the year 2022 is reduced by 90%.

Bet365‘s revenue rose 2.9% in 2022. The company’s profit dropped by about 90%, showing that it did less well.

In the fiscal year that ended in March, sports betting and online games brought in £3.43 billion (£2.85 billion). The business said that gambling went up by 25%, but sports betting went down by 2%.

Even though Bet365 had a higher handle and more engaged customers, it still lost. Costs and other expenses slow it down.

Braking

Even though the company’s profits dropped, Regulus Partners noticed the company’s progress. Regulus said that sports betting was growing by 15%–20%. Bet365’s first-half margins were cut by COVID-19.

The problem that hurt the bottom line got worse because of spending. Regulus says that spending too much on new customer bonuses and other costs to get new customers is to blame for lower profits.

There were also problems with new market costs and efforts to make gaming more responsible in different markets. The average amount each customer spent fell by 10%.

Even though it has grown, Bet365 is still behind other operators. As the number of competitors grew, Regulus said it had lost a “substantial amount of market share.”

Bet365 seems to have lost money by going into new markets to compete. Direct costs went up by 1.4%, and administrative costs went up by 18.2%, for a total of £2.30 billion ($2.77 billion) in gross profit.

After taxes and buying Stoke City Football Club, the company made £42.8 million, which is about $51.63 million. Even though it looks great, it’s 89.1% less than in fiscal year 2021.

Denise Coates Is Standing Up

Even though the bottom line isn’t as good, CEO Denise Coates is happy. She still gets big paychecks from the business she helped start.

According to business documents, Coates got a salary and dividends totaling £313.66 million (£260 million) in fiscal year 2022. Her salary was £213 million, which is about $256.96 million.

In 2020, she made $648 million, and in 2019, she made $301 million. The drops were caused by COVID-19. Coates is still one of the best-paid executives in the UK.

She made more than £1 billion ($1.2 billion) in three years, according to reports.