Betfair adjusts full year profit predictions

ne operator Betfair has increased its full year profit expectations by 15% following favourable financial results for the third quarter of the 2015 financial year.

Revenue for the three months to the end of January was up 20% year-on-year to £114.6m, marking a fourth consecutive quarter of growth.

Revenue from sustainable markets was up 27% to £92.9m

Betfair’s number of active customers has gone up 35% to 760,000, with 80% of its sportsbook customers now using mobile, which has caused that platform’s revenue to soar by 96%.

Forecasting for Betfair’s full year 2015 EBITDA is up to £113m-£118m from a previous forecast of £97m-£103m.

Betfair chief executive Breon Corcoran said: “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.

“We are now two years into a programme of substantial product and marketing investment and this is delivering sustained growth.”

The successful quarter has been achieved despite the implementation of the point-of-consumption tax in the UK in December, which requires all UK-facing gambling operators to pay 15% tax on gross win.

Betfair was founded as a betting exchange in 2000 and launched its sportsbook in 2012.