Betfair revenues boosted by sportsbook growth in Q1

Online gambling company Betfair has cited the growth of its sportsbook business as the main reason for a year-on-year jump in revenue during the three months to January 31, 2014.

The firm posted revenue of £95.4 million (€116.1 million/$159.5 million) for the first quarter, a 5% increase on the £90.5 million recorded in the corresponding period last year.

Underlying EBITDA also grew 28% from £15.8 million in the first quarter of 2013 to £20.2 million in the most recent quarter.

Betfair put the increases down to a 27% jump in sportsbook revenue, which grew from £7.5 million in Q1 of 2013 to £9.5 million in the first quarter of 2014.

The firm said that the growth in sportsbook revenue was due to a 68% increase in mobile revenue, which now represents 60% of its total sportsbook revenue.

The company also recorded slight increases in revenue for both its exchange and gaming operations.

Breon Corcoran, chief executive officer of Betfair, said: “Betfair had a good quarter against all key metrics, with growth in customer numbers, revenues and profits.

“We are now competing more aggressively and are investing heavily in customer marketing and product development.

“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.

“As this is rolled out across more markets, sportsbook customers will enjoy a better betting experience and exchange liquidity will be further strengthened."

 6 March 2014