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Betfair’s positive revenues

Betfair, an online betting exchange operator announced that it has increased their revenues by 8% to £368.6 million over last year after releasing a trading update for the twelve months to the end of April.

Betfair also announced their earnings before the interests, tax, depreciation and amortisation that showed a 36.9% increase to £73.2 million and a 54.4% profit increase to £35.1 million when compared to last year.

Previous results for the fiscal year of 2011 showed that Betfair shows that Betfair stood free of debt with £155 million in the bank after they announced that their best matched rose by 20% to 916 million over last year and their sportsbetting revenues swelled 24% when compared to last year. Up until April 30, Betfair held £305.6 million in customer fund which showed a positive increase from last year’s £284 million

Betfair’s Chief Executive Officer, David Yu stated that “The past twelve months have seen significant changes at Betfair as the business continued to grow and made the transition to being a public company.”

“A huge amount has been achieved during the period and I’m delighted that we have more customers than ever resulting in a record number of bets placed and that we’ve reported record revenues and profitability.

“Despite these successes, revenue growth during the 2011 fiscal year could have been stronger but we have delivered a significant improvement in margins resulting in profitability for the year above expectations.

“We are pleased with trading for the first eight weeks of the 2012 fiscal year for non-risk sports, games and poker, which is in-line with our expectations,” said Yu.

“Revenues in the more volatile area of risk sports, however, are currently below expectations due to an adverse margin performance during May. As anticipated, core Betfair revenues in this period are lower than the prior year comparative period, which was significantly inflated by the World Cup and was the last quarter prior to the migration of our Poker product.

“The last twelve months have presented challenges and we have redoubled our efforts and focused the business on a clear vision of how to deliver stronger revenue growth in the future. The 2012 fiscal year will be an important year of execution for us, albeit against the backdrop of an unclear economic outlook. Many of the new products we expect to drive future growth will launch in the second half of the year. Accordingly, we expect to make progress in the 2012 fiscal year and for growth to accelerate in the following years. The timing and impact of regulatory developments remain uncertain and difficult to predict although our product plans will leave us well placed to react to any such change. We also expect to continue improving core Betfair adjusted earnings before interest, tax, depreciation and amortisation margins towards our medium-term target of 30 percent.”

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