Breon Corcoran, chief executive officer of Betfair, has praised “another strong quarter” for the online betting operator after posting significant growth during the three months through to January 31, 2015.
Net gaming revenue for the third quarter amounted to £114.6 million (€158.2 million/$174.8 million), which represents an increase of 20% on the £95.4 million posted in the corresponding period last year.
Betfair’s online sports betting business remains its main source of income after it generated £76.7 million in the quarter, 16% more than the £66.2 million it collected in the same period in 2013.
The operator’s online gaming business also experienced significant growth in the period, with revenue up 30% year-on-year to £24.1 million.
In addition, the operator noted that its Betfair US posted revenue of £13.5 million, up 30% on a year-on-year basis.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the entire Betfair business amounted to £23.6 million, up 17% on the £20.2 million posted in the same quarter last year.
“This was another strong quarter. Betfair has momentum and is continuing to gain share in its key markets by acquiring and retaining customers through product differentiation, attractive odds and generous promotions,” Corcoran said.
“We are now two years into a programme of substantial product and marketing investment and this is delivering sustained growth.
“Our in-house development capability is allowing us to develop new products quickly and efficiently.
“This is particularly evident in mobile, where our proprietary technology gives us an edge in the largest and fastest growing channel.
“The strong Q3 performance and the continuing momentum we are carrying into the final quarter mean we now expect full-year EBITDA of between £113 million and £118 million.”
source : www.igamingbusiness.com
