Bet365 Australia doubles loss in first year of trading

    The Australian subsidiary of UK based company bet365 has posted a net loss of AUD$40.8m in its first full year of trading for the year ended March 30, 2014, doubling the amount it owes to the parent company for start-up costs. Revenue however increased 278 percent to $29.1 million, up from $7.7 million in the prior year. The company reports that it has 73,000 active users who placed bets worth $1.5 billion in the year, with $447 million, or 30 percent of turnover, wagered on mobile devices. That level of turnover suggests bet365’s market share has grown to about 11 percent of the $13 billion online betting industry. The company said it remains confident about the business in the long term and that its brand and product offering are gaining traction in the market.