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Betfair Publishes Dazzling Preliminary Results


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Renowned UK betting exchange Betfair has posted dazzling
preliminary results for the 12 months ending April 2012, showing
how it increased its net revenues year-on-year by six per cent to
a whopping £389.7 million.

What’s more, this marked increase in Betfair’s online betting
revenues excluded revenues generated by its Australian and
American operations, as well as its contracts for its difference
and LMAX financial trading exchange.

For the 12-month period, Betfair reported a year-on-year 15 per
cent improvement of £92.1 million in terms of adjusted
earnings before interest, tax, depreciation and amortisation. In
addition, during this period Betfair was very successful in its
share ‘buy-back’ scheme, which cost in excess of £50
million.

Betfair Boosts Core Activities by 6%

Betfair’s preliminary financial results also showed that the
firm bolstered its core activities by six per cent to £349.5
million, which was greatly aided by a notable 10 per cent revenue
boost in the latter half of the financial period.

Said Betfair CEO, Stephen Morana, ‘Our unique Betting Exchange
has continued to be the main driver of growth this year with
contributions from all major sports. We have delivered
double-digit net gaming revenue growth in core Betfair in each of
the last three quarters and a healthy increase in profits.

‘We have also started to deliver on our strategic objectives
including the launch of important new products that will drive
future growth,’ he said. ‘Betfair has also achieved many new highs
with records set in most of the major sporting events.’

Morana was referring to such high-betting events such as
cricket’s Indian Premier League (IPL), golf’s US Masters, horse
racing’s Cheltenham Festival, football’s Champions League final
and tennis’ Wimbledon, which is still currently running.

Morana Reflects on Mobile Betting Growth

The CEO also sang the praise Betfair mobile betting, which has
undergone strong growth thanks to the advent of faster and more
capable smartphones and pads.

‘The increasing penetration of smartphones and the convenience
of the channel for customers have led to strong growth in mobile
usage and revenues. New products and the opening up of new
geographies leave us well placed for future growth,’ he said.

‘Most recently, we have commenced the rollout of our
next-generation sports products, which integrate our risk product
with the Exchange to create a one-stop-shop for sportsbetting. We
have now completed the major re-architecture of our technology
platform, which allows the introduction of new customer-facing
products and has enabled substantial improvements to our website.’

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