Betfair Revenue Up 11% to £85.3 Million In Q3 2011/12March 7, 2012 4:47 pm
UK based online gambling business Betfair has released its financial figures for Q3 ending January 31st, revealing an 11% rise in the group’s revenue to £85.3 million ($135m), compared to £77 million from the same period last year.
Betfair is the world’s biggest betting exchange and helping the company record its impressive Q3 result was horse racing activity, as well as strong mobile performance, with Acting Chief Executive Stephen Morana adding:
“We doubled mobile revenue in the quarter and the 11-million bets placed represents significantly greater mobile usage than any of our competitors.”
However, this year’s Australian Open tennis proved a particular boon for the company, with more than £50 million in bets placed on the final between Novak Djokovic and Rafael Nadel alone. Commenting on the incredible amount, Stephen Morana said:
“We had our best-ever Australian Open, which highlighted the growing popularity of in-play gaming on major sporting events.”
In addition, Betfair Plc owns BetfairPoker.com, which recently signed 2008 WSOP Champion Peter Eastgate to its team of sponsored pros which includes other respected pros such as John Tabatabai, Hans Vogl and Stefan Raffay. Betfair’s poker offering also recorded a rise in its Q3 revenue, up by 13% to £5.9 million and by 1% over the past nine months to £16.7 million.
Looking ahead to the next period, Stephen Morana commented:
“Trading has remained encouraging in Q4, with Exchange revenue continuing to exhibit double-digit growth rates and overall Core Betfair revenue up 10% in the quarter to date. This leaves us confident that we will meet our expectations for the full year…”
On the same day Betfair released its impressive financial results, the company’s co-founder Edward Wray also announced he would be stepping down as chairman in favour of the present Deputy Chairman Glenn Corbett, starting March 6th.
“I leave Betfair in excellent hands and I know that the company has an extremely exciting future. As Betfair’s largest shareholder, I look forward to its continued success,” commented Edward Wray.