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Betfair’s financial results for the 6 month period

Betfair, an iGaming casino and sportsbook operator revealed a 1% increase in total revenues over last year to £191.1 million in their financial results report for the 6 month period that ended in October.

 

The underlying adjusted earnings before interest, tax, depreciation and amortisation for the first 6 months increased by 36% over last year to £42.4 million, while Betfair’s underlying profits after tax rose by 43% over last year’s figure to £20.6 million.

 

Betfair also revealed that their core revenues increased by 12% when compared to last year’s result to reach £170.3 million and their adjusted core earnings before interest, tax, depreciation and amortisation swelled by 26% when compared to last year’s result to reach £44.6 million.

 

Betfair stated that operational highlights included strong exchange performance with second quarter non-risk revenues up 20% year on year and their new mobile products witnessed a 103% improvement over last year in terms of wagers for the 6 month period to 16.2 million as well as revenues rising by 88% to hit £9.1 million.

 

David Yu, Betfair’s outgoing Chief Executive Officer stated that “I am pleased with our performance in the first half of the year with record revenues and profits.”

 

“After a solid first quarter, we delivered a strong second quarter with core Betfair revenues up twelve percent. These results were driven by an excellent exchange performance following a very positive start to the football season and improved monetisation of activity.

 

“Mobile betting has continued to grow strongly in the first half with double the number of mobile bets placed compared to the same period last year. We have continued to make progress in the third quarter with 41 percent of UK exchange customers placing a mobile bet in November, driving mobile revenues to around nine percent of exchange revenues. We are continuing to focus our investment in the product and will shortly be introducing mobile gaming as well as further updates to our existing mobile sportsbetting applications, leaving us well placed to deliver further growth from this important channel.

 

“Our technology investment programme is starting to deliver a number of valuable improvements for our customers. Our new site will be launched in the New Year and will bring faster page downloads, increased reliability and improved search functionality. In addition, this will reduce the ongoing maintenance costs of the technology platform and allow a greater focus on product development while also providing increased flexibility to meet new jurisdictional requirements as they arise.

 

“We have maintained our positive momentum in the third quarter with core Betfair revenues up 13 percent against the prior year. While the economic environment remains uncertain, we expect to make further progress in the second half and remain comfortable with the outlook for the financial year.”

 

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