Wednesday 11 June 2014 2:23 am

Betfair strategy pays out with record profits

Online gaming company Betfair has seen its profits before tax jump a massive 61 per cent to £61.1m for the year ended 30 April 2014.

Mobile revenue rose by 70 per cent representing 64 per cent of Sportsbook revenues in the fourth quarter.

The company was especially pleased with the performance of new products such as Cash Out and Price Rush, which it says are changing the ways customers bet.

Cash Out allows Betfair customers to lock in profits before the conclusion of an event and has been used over 30m times.

Price Rush on the other hand, is Betfair's first step to integrating its exchange and Sportsbook. A focus on efficiency has given the company room to raie marketing and technology investment to approximately £200m.

Breon Corcoran, Betfair's chief executive officer, said: Our strong trading has continued into the new financial year and we look forward to building on this positive momentum during the World Cup that kicks off tomorrow and which will be an excellent showcase for our market leading products