Betfair revenues up, buoyed by football, casino and poker
Betfair, the online betting exchange, has reported a big jump in revenues over the last financial year, thanks to last year’s football World Cup, the launch of a new online casino and a revamped poker product.
Like-for-like revenues were up by 30% to £182 million over the past year, driven by a sharp increase in active users of 57% - equating to 433,000 customers. However, one-off investments and research meant that pre-tax profits were down from £36.5 million to £25.3 million.
Betfair are also currently in the process of developing the brand internationally, and making the company less reliant on the UK market. Customers outside the UK made up 38% of total revenues last year – up 6% on the previous year.
"It has been a very exciting year, during which significant steps have been taken towards transforming Betfair from a mainly UK-based betting exchange to the world's leading legal e-gaming site,” said chief executive, David Yu.
Betfair will soon be trading in Italy and already has licences in Malta, Germany, Austria and Australia.
Editor, Jackpot.co.uk - 2007-10-01 11:11:55