Betfair online betting exchange raking it in!
5th August, 2009
After the announcement of William hill’s revenue hikes in our article yesterday, online bookie William hill to move to Gibraltar, betting exchange bet fair have also announced a jump in their revenues up 27% despite the recession.
Betfair is one of the UK’s online success stories as they have seen such an increase, doubling revenues in the past three years, whilst competitors have seen a slump due to the poor economic climate.
Revenue figures weren’t the only impressive numbers announced by Betfair today. They have seen a 20% increase in their sports division making them the largest online operator in Europe in addition to 31% growth in their games division.
These figures mean that Betfair managed to achieve profit margins up 29% to £72m. They currently have over 652,000 registered users up 25% on last year with over £240m sitting in online user accounts.
These figures are despite warnings from fellow bookies, William Hill, that the recession is keeping punters away from the online betting industry.
After such good results from Betfair’s unique exchange product, which allows people to be either be bookie or punter there is now talk of flotation and with half of the business being owned by Japanese banks and private equity, they’ll wants to cash in eventually!
By Faye
