The Australian division of online betting operator Bet365 took a giant toward profitability in its most recent fiscal year.

In the 12 months ending March 27, Bet365 Australia reported a net loss of A$10.9m (US $8.3m). A loss is a loss, but it’s a sight better than the A$31m loss the company reported in fiscal 2015 and the A$41m loss the year before that. Since its 2012 launch, Betfair Australia’s accumulated losses amount to A$133m.

Bet365 Australia reported revenue of A$96.6m last year, only about one-fifth of the sum earned by Paddy Power Betfair’s Sportsbet brand. But Bet365’s number represents a 65% year-on-year improvement, while its betting turnover was up more than one-fifth to $2.5b.

In a statement to the Australian Securities and Investment Commission, Bet365 noted that the figures suggested its product offering was “gaining momentum in the market,” supporting its view that profitability was more or less inevitable. The company said it remained “committed to maintaining the present level of operations to support that aim.”