Betfair On The Up

20th December, 2010

The UK's largest online betting exchange has released their latest results to the City, with an increase in revenues and profit pleasing shareholders.

Hammersmith-based listed online betting company Betfair has announced their half year results, which saw turnover increase to over £180m - a rise of over 12%. Profit after tax saw the company net a tidy £14m - meaning they continue to be debt free.

The only blot in the betting exchanges copy book was the cost of their recent IPO - which saw a hole of nearly £15m made in their cash reserves.

A senior spokesman for Betfair said of the results...

'We are pleased to report our first set of results as a listed company (where) we have made significant progress throughout the group, pursuing our key growth priorities of leading in sports betting, cross-selling, new channel exploitation and geographic expansion.'

Active customers for the Betfair group of gaming products, including one of the best uk online casinos, increased by more than 30%, thanks to large marketing campaigns surrounding the 2010 World Cup.