Betfair Record 39% Increase in Sport Betting

Internet betting company Betfair have recorded a 39% increase for their sports betting revenue.

Revenue was up to £7.5m for the three month period that ended 31 January 2013, impotent from £5.4m in the previous quarter.

A statement said that this was ‘primarily as a result of very strong margins following favourable football results.’

Mobile devices have also played a big part in the increased revenue. Betfair launched their sportsbook specific iPhone app and mobile accounted for over 40% of sportsbook revenue in January.

Speaking about all aspects of the business, health Breon Corcorn, Betfair CEO said: “UK revenue was up 6% driven by the continued strength of mobile betting as well as favourable sporting outcomes. In line with our previous guidance, international revenues declined as a result of regulatory change and our focus on sustainable jurisdictions.

“Mobile revenues doubled in the quarter and the channel accounted for over 50% of activations last month.

“We are focused on delivering the plan we set out in December. The new leadership team is in place and has started to implement the changes required to make Betfair a more focused and leaner organisation.”