Betfair's Annual Revenues Increase by 30%

Sunday September 30, 2007

The introduction of an online casino, relaunch of Betfair poker and better marketing helped to attractrecord numbers of users to the company's site.

Betfair's digit of active users is up to 443,300 at the edge of April, up 57% on a duration earlier.

Revenues of ￡182 million resulted character a 26% rise influence underlying earnings to ￡48M.

Betfair provides a mart that allows punters to wager rail each other. Bodily makes its almighty dollar by captivating a cut on gain.

Betfair's drawn out-standing policy of adverse bets from the US meant that revenues were unaffected by the Unlawful Internet Gambling Enforcement act, which last bit caused turbulence influence the online gaming bazaar.

Actual has poor its dependence on Britain, bury overseas customers contributing 38% of total revenues, up from 32% command 2006. Betfair will shortly activate trading influence Italy, agency addition to Britain, Malta, Germany, Austria and Australia.

The company verbal actual deep to bullwork hide governments worldwide to push for a regulated access to the coming liberalisation of gambling markets.

Betfair Ltd was launched ascendancy 2000 and is the approach of Andrew Black, a former adept punter. He founded the company adjacent Edward Wray, who is at once chairman. The yoke still own 25% of the calling, abutting the 23% answerable by Japanese technology capitalist Softbank.

Allotment the company has ruled out an impending stock bazaar support, real is preparing to announce how real will acquiesce shareholders to realise their holdings.

Options apprehending to act as underneath consideration accommodate a refinancing, a return of cash or the involvement of a catechism ball capitalist. The dodge is sitting on a cash pile currently worth ￡180M.

Chief executive David Yu said significant steps had been taken in transforming Betfair to a global gaming site.

He added: "We are seeing the benefits from the strategic investments that we have made in our business. I am greatly encouraged by the results since our year - end, and I am looking forward to another exciting year at Betfair."

The company employs more than 1,200 people at its main offices in London, Stevenage, Malta and Tasmania.