Bet365 funding, valuation and financials

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£2.9 B

Bet365 Revenue FY, 2018

Bet365 Gross profit (FY, 2018)2.5 B

Bet365 Gross profit margin (FY, 2018), %85.8%

Bet365 Net income (FY, 2018)582.5 M

Bet365 EBITDA (FY, 2018)708.9 M

Bet365 EBIT (FY, 2018)660.3 M

Bet365 Cash, 25-Mar-20181.8 B

Bet365 Funding

Summary Metrics

Founding Date	2001

Bet365 Revenue Breakdown

Business Segment

Embed Graph

Bet365 revenue breakdown by business segment: 94.5% from Sports and Gaming and 5.5% from Football Club and Facilities

Annual

GBP	FY, 2002	FY, 2003	FY, 2004	FY, 2005	FY, 2006	FY, 2007	FY, 2008	FY, 2009	FY, 2010	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017	FY, 2018
Revenue	91.4m	240.3m	446.0m	604.8m	713.9m	97.9m	159.7m	288.7m	419.8m	501.4m	721.8m	993.4m	1.4b	1.6b	1.7b	2.3b	2.9b
Revenue growth, %															5%	38%
Cost of goods sold	84.7m	226.7m	416.4m	565.1m	663.3m					67.7m	130.1m	175.2m	232.6m	235.8m	222.4m	289.9m	406.4m
Gross profit	6.7m	13.6m	29.6m	39.7m	50.6m					433.8m	591.8m	818.2m	1.1b	1.3b	1.4b	2.0b	2.5b
Gross profit Margin, %	7%	6%	7%	7%	7%					87%	82%	82%	83%	85%	87%	87%	86%
Operating expense total	11.1m	15.9m	25.6m	35.0m	46.3m	88.0m	136.6m	225.3m	321.9m	346.2m	484.7m	673.0m	926.3m	928.6m	974.2m	1.5b	1.8b
EBITDA							31.1m	83.4m	120.0m	122.6m	153.1m	199.2m	258.1m	448.6m			708.9m
EBITDA margin, %							19%	29%	29%	24%	21%	20%	19%	29%			25%
EBIT	(4.4m)	(2.3m)	4.0m	4.7m	4.3m	9.9m	23.1m	63.4m	97.9m	87.6m	107.1m	145.2m	212.0m	406.2m	456.7m	503.9m	660.3m
EBIT margin, %	(5%)	(1%)	1%	1%	1%	10%	14%	22%	23%	17%	15%	15%	15%	26%	28%	22%	23%
Interest expense															1.0k
Interest income															2.9m	5.3m
Investment income																5.6m
Pre tax profit	(5.2m)	(3.7m)	3.2m	3.8m	20.6m	12.7m	30.5m	66.5m	100.7m	91.4m	110.6m	148.3m	213.8m	409.1m	459.6m	514.8m	660.6m
Income tax expense		143.0k	2.8m	(1.3m)	(1.0m)	(3.1m)	(10.2m)	(14.1m)	(20.3m)	(15.8m)	(23.0m)	(30.8m)	(38.9m)	(82.6m)	58.9m	43.8m	(78.2m)
Net Income	(5.2m)	(3.6m)	6.0m	2.5m	19.6m	9.6m	20.3m	52.4m	80.4m	75.6m	87.6m	117.5m	174.9m	326.5m	400.7m	471.0m	582.5m

Source: Company Filings

Annual

GBP	FY, 2002	FY, 2003	FY, 2004	FY, 2005	FY, 2006	FY, 2007	FY, 2008	FY, 2009	FY, 2010	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2018	FY, 2017	FY, 2018
Cash	1.5m	1.1m	2.4m	10.9m	40.7m	46.8m	68.4m	102.5m	150.9m	177.7m	258.6m	432.4m	539.0m	915.2m	1.1b	1.4b	1.8b
Accounts Receivable						362.0k	2.8m	2.4m	6.5m	5.4m	5.2m	3.0m	1.8m	5.2m	10.4m	3.7m	12.0m
Prepaid Expenses															15.5m	23.1m
Inventories	7.0k	12.0k	16.0k	17.0k		135.0k	94.0k	157.0k	589.0k	674.0k	589.0k	436.0k	139.0k	216.0k	166.0k	605.0k	525.0k
Current Assets	2.2m	2.0m	7.3m	15.7m	45.5m	51.7m	78.3m	113.2m	167.3m	209.3m	313.6m	511.0m	646.5m	1.0b	1.3b	1.8b	2.6b
PP&E	3.6m	5.2m	7.0m	9.8m	6.5m	12.6m	34.2m	40.4m	71.5m	114.0m	123.5m	110.9m	119.9m	121.0m	129.6m	127.5m	153.0m
Goodwill															1.2m	947.0k
Total Assets	30.5m	31.2m	37.3m	48.1m	56.2m	83.7m	136.9m	191.4m	283.8m	364.4m	486.1m	666.9m	805.7m	1.2b	1.5b	2.0b	2.8b
Accounts Payable	4.7m	5.6m	8.7m	12.7m	12.6m	16.8m	24.7m	40.8m	64.6m	64.3m	89.9m	118.5m	138.9m	193.5m	219.8m	244.7m	261.2m
Current Liabilities	8.2m	8.2m	16.1m	21.5m	17.9m	27.9m	57.9m	90.6m	126.5m	143.5m	211.0m	295.2m	347.0m	495.1m	513.5m	567.5m	889.2m
Non-Current Liabilities	8.6m	12.9m	5.0m	7.9m		7.9m	14.9m	9.2m	10.4m	7.1m	13.7m	9.4m	9.0m	10.6m	5.7m	9.8m	20.8m
Total Debt	1.8m			1.4m		761.0k	677.0k	411.0k	76.0k	76.0k	43.0k
Total Liabilities	16.8m	21.0m	21.1m	29.4m	17.9m	35.8m	72.8m	99.8m	136.9m	150.7m	224.7m	304.6m	356.1m	505.6m	519.2m	577.3m	910.0m
Common Stock															3.0k	3.0k
Additional Paid-in Capital	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	3.0k	19.0m	19.0m	3.0k
Retained Earnings	(5.2m)	(3.6m)	6.0m	2.5m	19.6m	9.6m	20.3m	27.4m	55.4m	50.6m	47.6m	102.5m	79.9m	251.5m	929.8m	1.4b	492.5m
Total Equity	13.8m	10.2m	16.2m	18.7m	38.3m	47.9m	64.1m	91.6m	146.9m	213.7m	261.4m	362.3m	449.6m	688.7m	960.1m	1.4b	1.9b
Debt to Equity Ratio	0.1 x			0.1 x		0 x	0 x	0 x	0 x	0 x	0 x
Debt to Assets Ratio	0.1 x			0 x		0 x	0 x	0 x	0 x	0 x	0 x
Financial Leverage	2.2 x	3.1 x	2.3 x	2.6 x	1.5 x	1.7 x	2.1 x	2.1 x	1.9 x	1.7 x	1.9 x	1.8 x	1.8 x	1.7 x	1.5 x	1.4 x	1.5 x

Annual

GBP	FY, 2002	FY, 2003	FY, 2004	FY, 2005	FY, 2006	FY, 2007	FY, 2008	FY, 2009	FY, 2010	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017	FY, 2018
Net Income	(5.2m)	(3.6m)	6.0m	2.5m	19.6m	9.6m	20.3m	52.4m	80.4m	75.6m	87.6m	117.5m	174.9m	326.5m	400.7m	471.0m	582.5m
Accounts Receivable															25.7m	3.3m
Inventories															50.0m	(439.0k)
Accounts Payable															27.1m	44.9m
Cash From Operating Activities		34.0k	10.7m	10.4m		15.9m	43.6m	112.6m	154.8m	128.8m	204.8m	253.7m	296.9m	553.6m	(81.4m)	(80.4m)	1.0b
Purchases of PP&E															(37.7m)	(27.4m)
Cash From Investing Activities															(77.6m)	(186.9m)
Dividends Paid								25.0m	25.0m	25.0m	40.0m	15.0m	95.0m	75.0m	(127.5m)	(36.5m)	90.0m
Cash From Financing Activities			(4.7m)	4.3m			(4.2m)	(502.0k)	(224.0k)	(71.0k)	(73.0k)	(43.0k)			(127.5m)	(36.5m)
Net Change in Cash		3.1m	1.4m	8.4m		5.7m	21.9m	34.1m	48.4m	26.7m	80.9m	173.2m	108.1m	385.7m	259.1m	296.6m	498.8m