Bet365 Profits Up 92 Percent With More Growth Anticipated
Private UK betting firm Bet365 has seen its profits skyrocket 92 percent to £410.2m after a 43 per cent rise in sports gamblers.
Bet365’s success comes at a time when rivals Paddy Power and Betfair along with Ladbrokes and Coral are in the process of seeking mergers.
A source close to Bet365 told the Financial Times of London: “Do I think that Betfair and Paddy Power are two huge and strong competitors, especially in the UK and do I think that together, under the leadership of Breon Corcoran, they will be even more so? I am sure they will be, but we just kind of get on with our own thing,” he said, adding that he doubted Bet365 would grow by buying up its rivals.
Long established Bet365, founded in 2000, is the largest employer in Stoke-on-Trent, United Kingdom. The company is half-owned by Denise Coates and a quarter-owned by her brother John. Bet365 was formed out of the family’s land-based betting shops started by father Peter Coates in 1974. The elder Coates still plays an active role in Bet365 and is Chairman of Stokes City Football Club. He is considered among the 25 richest men in British football.
- Alistair Prescott, Gambling911.com
