In interim results for the six months to October 31, online operator Betfair has reported a 26 per cent jump in revenue and a 51 per cent rise in EBITDA, compared with the same period last year.
Revenues climbed to £237.6m from £188m for the same period in 2013, while EBITDA hit £73.9m. Mobile revenue more than doubled and now represents 70 per cent of sportsbook revenue.
As a consequence, Betfair’s interim dividend is up 50 per cent to nine pence a share as the company returns £200m to investors.
The company’s active customer base was also up 50 per cent in the six-month period, to more than a million.
CEO Breon Corcoran said in a statement: “We have substantially strengthened our competitive position by investing in products that differentiate Betfair and by enhancing our marketing capabilities in a crowded market place.
“Innovative products such as Cash Out, Cash Back Extra and Price Rush, coupled with a relentless focus on providing value through market-leading promotions and odds, have allowed Betfair to acquire and retain more customers than ever before,” he said.
“Our focus on regulated jurisdictions is also paying off. Revenues from sustainable markets grew by 32 per cent in the first half of the year and now contribute more than 80 per cent of total revenues.
“The performance in the first six months of the year, coupled with the momentum we take into the second half, means we now expect EBITDA for the full year to be between £97m and £103m.”
