U.K. Online Gambling Firm Bet365 Reports a Surge in Growth

Bet365 has grown from a trailer in a parking lot in England to becoming the largest online gambling operator in the United Kingdom. It is not surprising that the firm has hired over 300 people in the last year. The firm has reported that punters put £8.54 billion on the line in the last twelve months.

The family of directors Denise, John and Peter Coates of the Bet365 organization were recently paid an annual £20.8 million in share dividends between them for the second year in a row. Latest accounts to the end of March 27, 2011 show the total amount of bets placed went up £5.4 billion over the previous year. Bet365’s work force expanded from 1,313 in March, 2010, to 1,700 a year later.

Profits dropped slightly from £100.7 million to £91.2 million on the year’s end. Hailed as Stoke-on-Trent's largest employer, the city is grateful for the company’s contribution to its economy. Sara Williams, the new chief executive officer of North Staffordshire Chamber of Commerce, said: "There are a lot of fantastic companies based in the region and bet365 is a classic case in point."They are providing really good jobs." Those jobs contribute significantly to the local tax roles as well as all the spin off spending that people with jobs create. The example set by this growing and established firm is one other areas should take as positive. Online gambling is a green business that doesn’t cause environmental issues and provides high paying positions.

Denise Coates, commenting on the latest results said, "I believe both the 58 per cent increase in amounts of bets wagered and the 22 per cent rise in the group's overall revenues is a good performance in a challenging economic environment." The firm’s directors attributed the decline in pre-tax profits down to high investment levels combined with extra costs associated with preparing for new global gambling regulations.