Bet365 post first profit in Australia after five years of losses

Bet365 has posted a profit in Australia for the first time following five consecutive years of losses.

The Stoke-on-Trent firm has suffered losses of $128 million since making its bid for a slice of the lucrative Australian betting market in 2012 but hopes will now be high that fortunes have turned around.

According to accounts lodged with the corporate regulator, bet365 made a profit of $1.2m in the year to March 31, with revenues of $101.4m driven by more than $2.5 billion wagered by Australian punters.