Poker news source: CardPlayer Magazine - http://www.cardplayer.com
Euro Poker: Poker Helps Betfair Revenues Soar
BY: BRENDAN MURRAY
PUBLISHED: Monday Oct 01, 2007 05:39 AM
Investment in New Technology Leads to 30 Percent Jump in Revenues at Betfair
Online betting exchange Betfair has seen annual revenues jump 30 percent after investment in technology and new products including a revamped poker client.
A new online casino and the re-launch of Betfair Poker on a proprietary platform helped active users increase by 57 percent to 433,000 in the year to April 2007. The company now has one million registered users.
Revenue was up 30 percent to £182 million and underlying earnings grew 26 percent to £48 million. However one-off investments of around £12 million lead to a fall in pre-tax profits to £25.3 million from £36.5 million a year earlier.
Betfair is a betting exchange which facilitates punters betting against each other. Its revenue is derived from taking a percentage of winning bets.
The Unlawful Internet Gambling Enforcement Act in the United States had no affect on Betfair’s revenues as it does not take bets from American bettors.
Overseas customer’s revenue grew 6 percent to 38 percent of total revenues. The company recently engaged in a major sponsorship investment at the World Series of Poker Europe. It has existing licences in the UK, Malta, Germany, Austria, and Australia and plans to enter Italy in the near future. |
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