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Betfair’s results for the three month period

Betfair, an iGaming Casino and sportsbook operator revealed that their core revenues for the three month period which ended in July showed a 7% decrease to £80.8 million when compared to last year’s figure.

The drop in revenues was ‘against a record comparative period’ according to Betfair. Their mobile offering increased by 94% to 7.4 million bets for these three months when compared to the same period last year with a 74% increase in revenues to £4.2 million over last year’s result. Betfair’s core revenues for August increased by 12% over last year.

David Yu, Betfair’s Chief Executive Officer stated that “I am pleased with our performance in the quarter.”

“Betting exchange revenues were flat compared to the first quarter of 2011, which was significantly boosted by the World Cup, and were up by 19 percent over the last two years.

“Overall sports revenue was impacted, however, by lower revenues from our risk products due to adverse sporting results in May as previously reported. Since May, margins in risk products have returned to historical levels.

“Our mobile products have seen particularly strong customer traction in the quarter with around one-third of sports customers using a mobile device to place a bet. The 7.4 million mobile bets placed in the quarter was almost double the number made in the same period last year. The broad reach of our mobile products across 17 languages and multiple platforms gives us a strong base for continued growth.

“Trading has been encouraging in the second quarter including a good start to the football season. Consequently, core Betfair revenues in August were up by twelve percent versus the same period last year and, while it is still early in the financial year and the economic environment remains uncertain, we remain comfortable with the outlook for the 2012 fiscal year.”

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