Online bookie Betfair has seen total revenues fall by 13 per cent in the three months ended 31 July (release).
While sports revenues grew by 18 per cent in the period to £4m, in all other areas, revenues declined with gaming incomes falling by 31 per cent and exchange by 13 per cent, and management of customers funds down 51 per cent.
Abroad, the company fared better, with revenues up 11 per cent.
Surprisingly BETFAIR DOWN 0.45% at open - only 97 shares traded - watch this space!— David Buik (@truemagic68) September 5, 2013
Breon Corcoran, Betfair's chief executive officer, commented:
Betfair's first quarter performance is in line with our plan and leaves us on track to meet our expectations for the full year.
The business is continuing to show that it can compete more aggressively and efficiently in our key markets. We now operate from a far more sustainable revenue base and saw a 10% increase in active customers in sustainable markets in the period.
We have introduced Cash Out to our Sportsbook, enabling customers to lock in profits on singles and accumulators, bringing the first of many Exchange-based features to the product.