BETFAIR REPORTS RECORD REVENUES


Betfair has released a trading update for the twelve months to the end of April




Betfair has released a trading update for the twelve months to the end of April showing an eight percent year-on-year increase in total revenues to £368.6 million.

The company revealed that its adjusted earnings before interest, tax, depreciation and amortisation rose 36.9 percent when compared with the previous twelve-month reporting period to reach £73.2 глйоп while its profits increased 54.4 percent year-on-year to hit £35.1 million.

"The past twelve months have seen significant changes at Betfair as the business continued to grow and made the transition to being a public company," said David Yu, Betfair s Chief Executive Officer.
Betfair announced that its 2011 fiscal year had seen the number of bets matched increase by 20 percent year-on-year to 916 million while sportsbetting revenues from football swelled 24 percent when compared with the previous twelve-month period. It declared that all of this sees islanding debt-free with £155 million in tie bank while it held £305.6 million in customer funds as of April 30. which was up from £284 million for the 2010 fiscal year.

"We are pleased with trading for tie first eight weeks of the 2012 fiscal year for non-risk sports, games and poker, which is in-line with our expectations," continued Yu.

"Revenues in the more volatile area of risk sports, however, are currently below expectations due to an adverse margin performance during May. As anticipated, core Betfair revenues in this period are lower than the prior year comparative period, which was significantly inflated by the World Cup and was the last quarter prior to the migration of our Poker product."
 
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