Revenue up 20% for Betfair US

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Betfair has registered a 9% growth of sustaible revenue, with growth across all products for the year ended April 30 2014, while Betfair US posted a growth of 20% in revenue, with improved TVG profitability offset by New Jersey online casino investment.

Betfair US now operates TVG, an advanced deposit horserace wagering business, which operates primarily in both California. TGV performed well in FY14, against a weak economic backdrop in the US racing industry. Revenues increased 19% to £44.5m as handle, which is the volume of wagers placed, increased by 33% against a wider industry handle that was flat in the period. This was helped by the launch of advanced deposit wagering in New Jersey following our exclusive agreement to operate the 4NJbets platform on behalf of the State of New Jersey and the racing industry. Since taking over the responsibility for the platform, TVG has modernized the product offering, helping to drive a 57% increase in wagering volumes.

Betfair US also operates Betfair New Jersey, a new online casino website that was launched last November 2013, following the regulation of online gaming in the state. « Whilst the overall market size is smaller than originally expected, Betfair New Jersey’s total gross gaming revenue (GGR) was £1.8m,representing a 6% share of the market. Our share of the casino market to date is 8% », said Breon Corcoran, Betfair’s Chief Executive Officer.