One of the biggest names in online betting – Bet365 – is making headlines once again! The company has reported massive profits, expanded into new markets, but also found itself in some regulatory trouble. Let’s break it down.
Bet365 recorded an impressive £626.6 million in profits for the 2023-24 fiscal year. This turnaround was largely driven by new features like the Bet Builder, which was expanded to more sports, and the company’s aggressive expansion into the United States.
Bet365 is now active in Arizona, Iowa, Indiana, Kentucky, Louisiana, North Carolina, and Pennsylvania, strengthening its foothold in the highly competitive US market.
Despite its financial success, Bet365 has also faced some regulatory hurdles. In September 2024, New Jersey gambling regulators fined the company $33,000 for accepting bets on events where the outcome was already known.
One of the most shocking incidents involved a Mixed Martial Arts (MMA) match that had already taken place but was still open for betting due to a tape-delayed broadcast. Earlier in July 2024, Bet365 was ordered to refund over $519,000 to customers after changing betting odds without regulatory approval, leading to underpayments on winning bets.
Indian customers were hit with a major setback when Bet365 ceased operations in India. The company stopped accepting new users from 18th August 2023, and existing users had until 4th September 2023 to withdraw their balances.
The decision was largely driven by India’s 28% Goods and Services Tax (GST) on online betting and increasing challenges with banking transactions. This marked the end of Bet365’s presence in one of the world’s fastest-growing online betting markets.
Despite the controversies, Bet365 continues to attract new customers with exciting promotions. For instance, new users can get £30 in free bets by placing a £10 bet on events like the Cheltenham Festival. Additionally, Bet365 remains a top choice for in-play betting and flexible cash-out features.
What’s Next?
Bet365’s journey is far from over. While the company is expanding into new markets, it’s also under increasing scrutiny from regulators. The big question now is – can it maintain its growth while staying on the right side of the law?
What do you think? Should companies like Bet365 face stricter regulations, or are they just part of the digital entertainment industry? Let us know your thoughts!
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