Betfair boss to double down on cost cutting as earnings suffer

BETFAIR boss Breon Corcoran is set to unveil an overhaul of the business on Thursday, in his first results presentation since taking the reins at the online bookie.

Corcoran, who joined Betfair in the summer from Paddy Power, is expected to unveil a round of cost cutting, including job losses. The Irishman has already made his mark on Betfair, having withdrawn from the Greek and German markets in recent months, due to disagreements with the countries’ gambling authorities.

Analysts expect the announcement to come as Betfair unveils a drop in half-year profits, having seen weak trading during the Olympics and Paralympics. The summer Games overlapped with the start of the football season, meaning less money was wagered during the Premier League’s opening weeks.

However, Andy Murray’s performance over the summer piqued gamblers’ interest in tennis. Murray’s victorious US Open final saw more money wagered than any event in any sport in Betfair history.

Since Betfair operates on an exchange model – in which punters bet against each other with Betfair taking a slice of the winnings – the amount of money wagered is a key indicator of performance.

However, leaving operations in Greece and Germany has left the firm with a £13m profit shortfall, according to Shore Capital.