Betfair has reported record revenues and profits in its financial results for the six months ended October 31.
"After a solid first quarter, we delivered a strong second quarter with Core Betfair revenues up 12 per cent," said David Yu, Betfair's CEO. "These results were driven by an excellent Exchange performance following a very positive start to the football season and improved monetisation of activity."
Mobile betting has continued to grow strongly for the company in the first half, with double the number of mobile bets placed compared to the same period last year. The company has continued to make progress in the third quarter, with 41 per cent of UK Exchange customers placing a mobile bet in November, driving mobile revenue to around nine per cent of exchange revenue. "We are continuing to focus our investment in the product and will shortly be introducing mobile gaming as well as further updates to our existing mobile sports betting applications, leaving us well placed to deliver further growth from this important channel," said Yu.
Core Betfair revenue is up 13 per cent to £42.4m against the prior year and the company expects to make further progress in the second half and "remain comfortable with the outlook for the financial year."
As part of the transition to Betfair's new CEO, Breon Corcoran, Yu will be stepping down at the end of the month and Stephen Morana will be interim CEO. He will be assisted by the management team that is currently in place.
