Betfair increases customer base by 50%

By David Cook
Online operator Betfair has reported a 50% year-on-year increase in its active customer base, to over one million, for the six months ended 31 October.

The UK-based company has also posted a revenue increase of 26% to £237.6m, which it says is driven by favourable FIFA World Cup results last summer.

Revenue from the World Cup totalled £15.9m, double what was made from Euro 2012.

Betfair’s EBITDA is also on the rise, up 51% to £73.9m, while mobile revenue has more than doubled and now represents 70% of sportsbook revenue.

Breon Corcoran, Betfair chief executive said: “These results demonstrate strong delivery against our strategy for achieving sustainable growth that we outlined two years ago.

“We have substantially strengthened our competitive position by investing in products that differentiate Betfair and by enhancing our marketing capabilities in a crowded market place.

“Innovative products such as Cash Out, Cash Back Extra and Price Rush, coupled with a relentless focus on providing value through market leading promotions and odds, have allowed Betfair to acquire and retain more customers than ever before."

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