Betfair Revenue Up 5% To £200m In H1

Betfair Revenue Up 5% To £200m In H1Online gaming giant Betfair has released its financial results for the 6 month period ending October 31, 2012, revealing a 5% increase in group revenue to £200.6 million from £191 million for the same period last year.
Sports and mobile betting proved key to Betfairs’ increase in  revenue but overall, however, the company saw its profits fall from £24m in the black for H1 2011 to a £64 million loss for H1 2012. During the first half of 2012 Betfair also saw revenue from its poker operation fall by 11% to £9.6 million from £10.8 million in H1 2011.
Nevertheless, the UK-based online betting exchange is preparing to “reinvigorate” its business by altering its strategy, including gaining access to the iPoker network through a new agreement with Playtech. As a company statement explains: “This gives Betfair flexibility to choose the best network for its customers on a country-by-country basis and is particularly valuable in markets with ring-fenced liquidity such as Spain and Italy.”
Furthermore, the gambling group is ready to forgo up to a quarter of its revenue, or about £48 million, by withdrawing from a number of countries in order to concentrate on more regulated markets. This includes cutting its losses in such countries as Germany, Greece and Cyprus. Apparently, £20 million in potential savings have already been identified, and as Betfair CEO Breon Corcoran explains:
“Recent regulatory developments have been challenging and we are reducing our exposure to markets with an uncertain regulatory future. Creating a simpler product that retains the key advantages of the exchange, combined with investment to return the brand to its previously strong position, will allow us to increase our audience and accelerate revenue growth.”
After Betfairs’ results were released the company’s share price is currently trading down by 1.25% at 751.5p.

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