Betfair expected to boast significant profit increase

yst JP Morgan is predicting online betting exchange Betfair will announce a first-half profit increase of 37% to £67m on Thursday.

The UK-based operator is also expected to reveal a revenue improvement of 26% to £236m for the same period.

In the UK, Betfair is gaining market share, up from 5% to 14% this year, according to JP Morgan analyst Victoria Greer.

She added: “Innovation and significant marketing should support continuing customer gains.”

Sporting events such as the FIFA World Cup and the All England Lawn Tennis Championships at Wimbledon are expected to have played a strong part in any profit and revenue increases.

This follows Betfair’s pledge in March to increase investment in advertising during key foot ball matches in the World Cup and UEFA Champions League, after signing a deal with broadcaster ITV to become a partner for its football coverage for 15 months.

Betfair also recently improved its position in the FTSE 250 following a second-quarter revenue climb of 22% to £119m.