Betfair enjoy revenue rise

ne betting exchange Betfair have reported a 13% year-on-year revenue increase for the three months ending 31 July.

The internet operator’s turnover for Q1 FY13 was up to £91.6m, aided by the Euro 2012 football championships.

The firm’s UK revenues rose 23% for the same period.

The number of bets placed using mobile phones was up 114% to 15.8m, with mobile betting revenue increasing by 98% to £8.2m.

Betfair did however reveal that the Olympics had led to reduced betting activity on other sports during August, with a slow start to the football season also adversely affecting revenues for the month.

Betfair’s departing chief financial officer Stephen Morana said: “Revenue growth in the first quarter was primarily driven by Euro 2012, improved monetisation of exchange activity, continued mobile growth and a recovery in risk-sports margins.

“The resulting growth was partially offset by the impact of regulation.”