Betfair share price up with record quarterly revenue on target thanks to World Cup

 
Lynsey Barber
Follow Lynsey
Betfair reports record revenue (Source: Getty)

Betfair scored big in the three months to July - a period which happened to coincide with the World Cup - recording its best-ever quarterly revenues, which sent shares up three per cent this morning.

The bookies’ revenue jumped by 30 per cent to £117.3m, largely down to the world's biggest football tournament, though stripping out its effect revenue was still up 12 per cent.

Revenue from the World Cup totalled £15.9m - around double that of the last major tournament two years ago, Euro 2012.

It also helped Betfair attract new customers, up 181 per cent, with a promotion to return losing stakes if England lost and if matches went into extra time. “The two England defeats followed by eight draws in the knock out stages meant we returned a seven figure sum to customers,” said chief executive Breon Corcoran.

He also confirmed the bookmaker was on track to fulfill full-year expectations, despite concerns over some investments and unregulated markets.

We are focused on a number of challenges, including our early stage investments in New Jersey online casino and Italy, and uncertainty remains in a number of unregulated markets. However, we are encouraged by the performance in the first quarter and the momentum of the business, and accordingly remain confident that we can deliver our expectations for the full year.

Improved mobile betting products also helped attract punters. Mobile revenue was up 162 per cent and accounted for nearly three quarters of all sportsbook revenue.

Related articles