'Great Summer of Sport' is a 'win' for Betfair
By Claire West
Betfair (LSE:BET), today announced that the 'Great Summer of Sport' had helped boost revenues which climbed 13% to £91.6 million.
Stephen Morana, Betfair’s Chief Financial Officer, commented:
“Revenue growth in the first quarter was primarily driven by Euro 2012, improved monetisation of exchange activity, continued mobile growth and a recovery in risk-sports margins. The resulting growth was partially offset by the impact of regulation.
“The UK, our largest market, was our strongest performing region, driven by the continued success of the “Don’t Settle for Less” advertising campaign and a great summer of sport.
“Mobile betting goes from strength to strength, reflecting increasing smartphone penetration, product enhancements and customer familiarity. Mobile usage and revenues doubled and half of all customers in the UK and Ireland placed a mobile bet in the first quarter. We have also continued to deliver important new product upgrades in recent months, including new Android and iPad apps that include our popular Cash Out functionality.