Britain’s bet365 says that it still doesn’t know the outcome of the Australian financial watchdog’s investigation into potential breaches of the country’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
In its most recently divulged financial results, the company indicates that the Australian Transaction Reports and Analysis Center (AUSTRAC) ‘is still conducting their investigation and reviewing documentation’.
The group furthers that ‘it is too early to predict the likely timing and potential outcome’.
The investigation into bet365 subsidiary Hillside (Australia new Media) Pty Limited by AUSTRAC came as a surprise to some, as the group underwent a compliance assessment in 2021 and an external audit process in 2023.
AUSTRAC announced the investigation in March of 2024. It’s the first time the watchdog initiated an enforcement investigation into a reporting entity after the external audit process was concluded.
Authorities required the external auditor after suspecting that the company had contravened legislation regarding customer due diligence and AML programming.
AUSTRAC did not provide further details on why the enforcement investigation was launched but noted that it had considered the results of the external audit.
The group notes that it ‘continues to co-operate fully with AUSTRAC on the process’.
Results
For the 52-week period ending March 31st, 2024 the group recorded an uptick in gross profit, rising to GBP3.03 billion ($3.8 billion), a 4.7 percent uptick yearly.
This was boosted by a return to operating profit by the group’s Sports & Gaming segment, which achieved gross profit of GBP3.09 billion ($3.77 billion) and operating profit of GBP396.62 million ($498 million), contributing to overall profit before taxation of GBP626.59 million ($786.74 million).
Sports revenue was strongly boosted by new US launches and product improvements – adding new sports including F1, UFC, boxing and cricket, alongside new virtual sports offerings.
Gaming revenue however remained “broadly flat year-on-year”, according to co-founder and CEO Denise Coates, as its live casino product faced headwinds.
