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Betfair Fighting Recession and Winning


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While the current economic slump is giving many industries and companies a
hiding, one company that is not only keeping its head above water in these tough
economic times, but is thriving, is leading UK online betting exchange
Betfair
, which has reported a 27 percent hike in its annual revenues.

As traditional UK high street betting shops continue to feel the pinch, Betfair
has been reaping the benefits as increasingly sports betting fans are foregoing
physical shops for the ease, security and privacy of online betting. So much so
that the gambling firm saw it revenues jump by almost 30 percent up to £303m.

The results, which have no doubt left Betfair’s rivals quivering with envy,
reflect the company’s continued growth and success which started three years
ago. Since then the popular online betting exchange has more than doubled its
revenues and, judging by the latest figures, is not about to slow down anytime
soon.

In fact, while many large online gambling firms have been struggling just to
cling on to their existing market share in the current financial climate, the
pioneering leadership of Betfair has actively been thrusting forward with
international expansion plans, regardless of the crises, with surprisingly
impressive results.

While there is little doubt that the top brass of Betfair and all the leading
other online gambling firms are hoping that the economic downswing will begin to
slow down and recover, at least Betfair’s leadership can justify popping the
champagne in celebration of a job well done, and a rosy online gambling future.

Betfair’s most recent results speak for themselves. The firm saw a 20 percent
increase in its sports division, officially making it the largest online sports
betting firm in Europe, as well as a sizeable 31 percent increase in its
ever-expanding casino games division. Then there is Betfair’s long-term
international strategy.

It recently paid $50m for a partnership with U.S. wagering business, the TVG
Network, which, if and when the anti-online gambling laws are abolished in the
country, could see Betfair end up with a highly desirable foothold in the
lucrative U.S. gambling market. As for the bottom line, Betfair reported a £72m
profit.

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