SBC News Betfair Q2 revenues climb 22%

Betfair Q2 revenues climb 22%

breoncorcoran111
Breon Corcoran Betfair Chief Executive Officer

Betfair Plc announced that it had recorded a 22% rise to £119 million in Q2 2014 gaming revenues. The operator outlined that its positive performance had been driven by a strong growth in active customers and favourable sporting results reported during the period ending 31 October.

Betfair senior management stated that the operator had continued its positive momentum, gained from a strong 2014 World Cup Performance. During the period, Betfair had witnessed a 30% year-on-year rise in its active customer base.

Further positive news, saw the operator report that it had been able to readjust its gross win margins in order to improve revenue efficiency in its products.

Breon Corcoran, Betfair’s Chief Executive Officer, commented:

“Betfair received a boost in Q1 from a strong World Cup performance and our focus in the second quarter has been on maintaining this momentum. Encouragingly, the recent growth in customer activity has continued with the active customer base up 30% in Q2. These trends, combined with favourable sporting results, have led to another strong quarter and underpin our confidence in delivering our expectations for the year.

One of Betfair’s key advantages is its product differentiation and this results from having leading in-house technology capability. Cash Out and Price Rush are examples of how Betfair has developed products that are changing the way our customers bet. Today we are hosting an event to explain how we approach new product development and operate a platform that processes over ten million transactions each day.”

Betfair senior management remain positive that the company will hit all 2014 corporate targets

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