Betfair odds on to meet expectations
Online betting exchange operator Betfair said its core revenue rose by 6.2% in the third quarter of its financial year from a year earlier.
Core Betfair sports revenue in the three months to 31 January rose 8.6% year on year (yoy) to £56.6m, games revenue rose 8.2% yoy to £14.3m but poker revenue fell 20.5% yoy to £5.2m.
“We are pleased with the growth we achieved in the third quarter, especially from football and games. Marketing efficiency continued its improving trend, resulting in a lower cost per acquisition again this quarter whilst also showing strong growth in active customer numbers,” said Betfair’s chief executive officer, David Yu.
Poor weather in December resulted in 4% fewer UK race meetings than a year earlier, but Betfair’s horse racing revenues “held up relatively well” and saw only a small yoy decline.
Though poker revenues were down on a yoy basis, sequentially, the number of active poker Poker players has stable over the last four quarters and average revenue per user has stabilised in the third quarter of fiscal 2011 compared with the second quarter.
The fourth quarter has got off to a good start, Yu revealed.
Having migrated its technology infrastructure to a new data centre in Ireland, the group is rolling out a series of planned improvements to its sports betting product which it hopes will drive revenue growth in the fourth quarter and into fiscal 2012.
“These new products include our innovative ‘cash out now’ feature, each-way multiples for horse racing and a significant increase in the number of in-play events. We remain confident that we will deliver an outcome for the current financial year within the range of market expectations,” Yu said.
The betting exchange will operate under a Gibraltar licence with effect from 9 March, which Yu said would enable the company to “compete on the same basis as the majority of operators in the UK online betting market.”
Customer cash balances at the end of quarter were £289m, an increase of 9% on £265m a year earlier.
Source: http://www.sharecast.com
Related posts:
- Betfair offers $100k sponsorship deal
- 888 Gaming brand takeover talks continue
- Unibet Poker Down 17 Percent In 2010
- Party and Bwin shareholders approve merger
- Stud Poker Strategy – Seven Card Stud Odds
Short URL: http://world-community-poker.com/?p=16754
Posted by Senior Editor on Mar 8 2011. Filed under Site News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.
