Betfair announces US revenue up 24 per cent

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Betfair has announced revenues up by 5 per cent to £95.4 million, driven by a 12 per cent increase for the three-month period ended January 31st 2014 compared to the same period last year and mobile revenue up by 68 per cent, that now accounts for 60 per cent of Sportsbook revenue.

This revenue increase has been primarily driven by sports and Betfair US. “Betfair US revenue was up 24%, boosted by the addition of horserace betting in New Jersey in March 2013 as well as the November launch of our online casino in the same state”, said Breon Corcoran, Chief Executive Officer of the company. The volume of bets on sports products doubled and Sports revenue was up 27% year on year, driven by the launch of the new Sportsbook in February 2013. The mobile channel continues to show strong progress, with revenue up 68%.

Following continuing strong levels of customer acquisition, the number of active customers in sustainable markets was up 26% to 424,000, driven primarily by the new Sportsbook. The number of actives in other markets was down 23% at 137,000,

Commenting on Betfair’s results, Breon Corcoran: “Betfair had a good quarter against all key metrics, with growth in customer numbers, revenues and profits. We are now competing more agressively and are investing heavily in customer marketing and product development. In 2014, we will double our share of voice on television and are delighted to have recently signed a deal with ITV to become a Gold partner for its football coverage over the next 15 months, including the World Cup and Champions League. This complements our major presence on Sky Sports and recent return to Channel 4 Racing”. Before adding: “Since its launch, Betfair has stood for innovation and we believe that product differentiation will be a major factor that determines winners in a crowded market place. I am excited to report that we have now integrated our Exchange and Sportsbook, allowing the odds on certain Sportsbook bets to be boosted by leveraging the superior value available on the Exchange. We call this a ‘Price Rush’. As this is rolled out across more markets, Sportsbook customers will enjoy a better betting experience and Exchange liquidity will be further strengthened.”