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

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

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

The company also discussed safer gambling in its report, stating: “The group is committed to delivering a safe environment 💷 for its customers and we continued to invest significantly in this area.” Improvements are being made to bet365’s Early Risk 💷 Detection System (ERDS), models that allow the group to identify and interact with customers at risk of, or experiencing, harm.