Omaze has reported a profit for the first time in its history as the prize draw operator cited more frequent monthly house draws as a driver for the business.
The privately owned firm, which launched in 2020, offers players the chance to win multi-million-pound houses via prize draws.
Filings with Companies House for the year ending 31 December 2024 revealed the operator was able to turn a profit.
Revenue for 2024 amounted to £196.7m, up from £127.5m in 2023. Profit before tax soared to £6.2m, having come in at a loss of £17.4m in 2023.
Post-tax profit was £4.7m, marking a significant swing from the £13.9m net loss recorded in 2023.
The company’s charitable donations more than doubled from £20.7m to £43.8m in 2024.
The average number of employees last year was 46, up from 28 in 2023, with total remuneration rising to £6.8m from £5.3m.
Directors’ remuneration came to £1.4m, with the highest-paid director taking home £498,000 in salary and benefits.
The company said: “This year, our ability to raise life-changing funds for vital causes, while inspiring new audiences to engage with charitable giving through our house draws, has reached new heights.
“2024 was the first year the company, since launching less than four years ago, became profitable with a profit before tax of over £6m.
“This was achieved as we moved to house prize draws each month in 2024 resulting in more sales and subscriptions, thereby improving leverage against operating costs. Our charitable donations have increased as a direct result of higher sales.
“While there were very positive increases, we are continuing to invest in keeping up with the pace and complexity of the business to ensure we are able to bring new and life-changing products to our customers.”
Prize draw operators remain out of the scope of the Gambling Commission, with the vertical set to be beholden to a voluntary code later this year.
In June, gambling minister Baroness Twycross said adherence to the code would determine government action on legislative change moving forward.
In a written statement, the Baroness said: “This code will help provide a uniform approach across the sector to strengthen player protections, increase transparency and improve accountability of prize draw operators.
“My department has worked closely with the sector over the past six months to start to develop this code.
“This approach allows us to take swift action collectively with the sector. While prize draw operators do not currently require a licence under the Gambling Act 2005, as they offer a free entry route, the success of this code will dictate whether this government decides to take further action (including legislation).”
In the Omaze Companies House filing, under its regulatory risk note, the business said the prize draw environment was “complex and subject to change”.
The note added: “The introduction of new regulations, or changes to or new interpretations of existing regulations, could increase operational costs and impact our business model.
“Omaze has monitoring mechanisms in place to understand changes to the regulatory environment in the markets in which we operate.”
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