Bet365 is not exactly used to having a fight on its hands. The British-based online sportsbook and casino, which reported company-wide profits of more than NZ$300 million last year, did not fare quite so well Down Under; in fact their Australian-based operations, which were set up two years ago, have been a drain on the companies overall profits, losing money and requiring loans from the parent company to sustain itself thus far in its operations. The Australian operations reported a loss of nearly NZ$40 million in their 2014 financial report.
However the company is committed to making it work in the South Pacific, and signs are beginning to point to a turnaround. Despite the losses within the last fiscal year, revenue is steadily rising, as is the player base. Revenue rose to NZ$32 million, a nearly 300% rise from the previous fiscal year, when the company was still getting their feet wet in the region. Active players also made a big jump, 83% to 73,000. Those players placed more than NZ$1.7 billion in bets all told, and the Sydney Morning Herald reported that Bet365 now has about 11% marketshare of the online gambling industry Downunder.
Along with those gains however, costs have also soared 63% as the company now employs 210 people (which might seem like a lot for an online operation), and also invested heavily in technology and advertising. The parent company has kept the Australian operations going with loans without repay time limits (the best kind); at least not until the company is makign a profit. How soon that will be is still up in the air, as the online casino industry is very competitive in Australia and New Zealand, with many established and trusted companies. However, all signs point to it possibly happening in thenot-so-distant future.