Mobile Betting Key Feature in Betfair Annual Revenue Rise

UK-based betting exchange and casino operator, Betfair, has revealed its financial report for the twelve months ending in April. The company showed a net rise in revenues of six percent to £389.7 million.

Betfair indicated that mobile betting accounted for a significant proportion of the increase in revenue. A 15 percent rise in revenues to £92.1 million was seen before tax, interest, depreciation and amortization.

“We have delivered double-digit net gaming revenue growth in core Betfair in each of the last three quarters and a healthy increase in profits,” commented Stephen Morana, Interim Betfair Chief Executive Officer.

“We have also started to deliver on our strategic objectives including the launch of important new products that will drive future growth.”

“Our unique betting exchange has continued to be the main driver of growth this year with contributions from all major sports. Betfair has achieved many new highs with records set in most of the major sporting events including the Champions League Final, Cheltenham Festival, Wimbledon, US Masters and Indian Premier League. The exchange has continued to deliver market-leading odds and this has been the focus of our marketing message in recent months.”

“Mobile betting has been a key feature of the year for the industry and our substantial investment in the channel has given us a clear product advantage. The increasing penetration of smartphones and the convenience of the channel for customers have led to strong growth in mobile usage and revenues.”

Betfair has indicated that the coming financial year has also got off to a good start with an initial 18 percent annual increase in revenue, beginning with the 2012 UEFA European Football Championship and continuing with ‘continued success’ in marketing and constant mobile growth.

“New products and the opening up of new geographies leave us well placed for future growth,” added Morana.