Betfair share price shoots up after incresing full-year profit outlook by at least £10m

Lynsey Barber
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Betfair gains another furlong in profit pursuit (Source: Getty)

The figures

Shares in Betfair raced ahead 15.8 per cent in late morning trading, after it posted third quarter figures which led the bookie to increase its projections for the full-year by at least £10m.

It now expects earnings of between £113m and £118m for 2015, up from the previous quarter when it pegged that figure at between £97m and £103m.

Revenue was up 20 per cent to £114.6m in the three months to the end of January - a fourth consecutive quarter of growth.

The number of Betfair customers grew 35 per cent, rising to 760,000. Some 80 per cent of its sportsbook customers are using mobile, sending that platform's revenue up 96 per cent on the same quarter the previous year.

Why it's interesting

The betting market is a competitive one, but Betfair has continued to grow by attracting new customers and getting them using their mobile to lay bets.

What Betfair said

This was another strong quarter. Betfair has momentum and is continuing to gain share in its key markets by acquiring and retaining customers through product differentiation, attractive odds and generous promotions.

We are now two years into a programme of substantial product and marketing investment and this is delivering sustained growth.

In short

Betfair continues to score with sustained growth in revenue and customers. With an upcoming election it's a more than decent bet that this will continue as it's set for record levels of political betting.

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