SBC News Voice of the Sports Betting Industry
Igaming and sports betting exchange operators Befair stated that it was on course to hit its full year performance targets, following a strong third quarter performance. The operator had witnessed positive results with revenues increasing by 5% to £95.8m driven by a 12% increase in its regulated market operations.
Betfair had also seen a positive impact on its EBITA earnings for the period, with an incease in net revenues of 28% to £20.2 million (Q3 FY13: £15.8 million). This good performance by the operator means that it is on course to hit the upper end of its planned performance target (guidance) of EBITDA range £82 – £87 million for 2014.
The operator contributes its performance to key drivers in operational integration of sports betting products and its exchange, improved marketing mix and seeing it’s mobile channel jump in revenues by 68%.
Betfair believe to offer a more rounded product than competitors in the igaming market, offering customers the chance to bet on sports using their betting exchange or their traditional Sportsbook service. Betfair have also seen a positive impact from new enhancements to their betting exchange service, such as the newly integrated ‘cash-in’ option which allows customers to win money on sports betting markets which are still in-play (ie. The event betted on has not finished)
Breon Corcoran, Betfair’s Chief Executive Officer, commented: “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.
In the corporate statement, Betfair further announced it had signed a deal with British commercial TV broadcaster ITV to purchase key advertising slots during the upcoming FIFA World Cup and Champions League soccer games, raising the profile of the company.
Breakdown of Betfair performance during the period
