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  Rise and fall of revenues at Betfair, its CFO leaves

The first fiscal quarter at Betfair registered a rise of thirteen percent in the number of its loyal clients that touched the figure of 485k, adding revenues of approx £188 (as against £186 in the previous year) per head. The income from the mobile gaming was recorded to £8.2m with a rise of 98% whereas wagers on mobile hiked to 15.8m, i.e. an increase of 114%. Approx half of its Irish and UK customers preferred bets on mobile during this period. However, the second quarter may not bring that much revenue which may go down by two percent in the context of Olympics’ closure and the fresh football gathering at a slow speed.

Andy Murray’s Wimbledon finals, London’s Summer Olympic Games and the Euro 2012 football contest have contributed much towards enhanced revenues of Betfair in the first quarter that have gone up to £91.6m with a hike of 13% through the Summer of Sport. The usual growth through the sports betting has generated revenues of 21%, up to £72.3m with Euro 2012’s contribution of £7.8m. Approx nineteen thousand clients have placed bets on men’s 100m final, that is approx double than the 2008 Olympic bettors in 2008. Wagers worth approx £58m were attracted through Murray’s Wimbledon loss to Roger Federer that turned out into largest market for Betfair.

The doubtful worth of Betfair’s Schleswig-Holstein license because of SH’s intentions to link with other German States for new interstate pacts is creating vagueness in Germany. Apart from that, the turnover tax @5% may also make the switch-over model unfeasible, thinks Betfair. It is worth mention that approx four percent of Betfair’s revenues during the current financial year have been generated through the market in Germany. The casino income came down by 7% to £13.7m with a fall of 4% to £5.1m in the poker income whereas sports ruled the field. Complaints were lodged by the Company with the Spain and Cyprus EC in respect of authoritarian aspects where the company seeks consent for the exchange wagering. Betfair may have to bear £1.5m through revenues each month till the time exchange betting is approved in the above two states.

During the seminar about the income & revenue of Betfair; Stephen Morana, its CFO and erstwhile acting CEO apprised of his intention to leave the company immediately upon his replacement through a competent person. Morana expressed that leaving the concern is too difficult. But that is the appropriate time to do so, he added.


   2012-09-12






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