gm10
08-07-2009, 03:50 AM
Internet betting company Betfair registered 27% revenue growth in the 12 months ended April 30 according to financials released Wednesday.
Betfair, which purchased Television Games Network for $50-million in January, cited its international expansion as a key reason for its growth. The company reports adjusted net profits of $121-million, up 29% from fiscal year 2008.
“This has been a phenomenally successful year for Betfair,” said the company’s chief executive officer David Yu. “We have stayed on the path of sustainable long-term growth, even in recession.”
England-based Betfair said 49% of its customers are located outside the United Kingdom and those international customers accounted for 44% of revenue.
The company also credited the competitive advantage of its core betting exchange, which allows for 6.4-million transactions a day, as a reason for success.
Exchange betting, which allows bettors to accept wagers from other players, currently is not allowed in the United States. While some Betfair officials have downplayed the importance of adding exchange betting in the U.S., its latest news release certainly suggested it is a long-term goal, as well as the potential addition of other Internet wagering types in the U.S.
“In the U.S., Betfair’s $50-million acquisition of TVG Network, the largest legal wagering business in America, positions the company to take advantage of any legislative change,” the release said. Betfair holds licenses in the United Kingdom, Italy, Malta, Germany, Austria, Australia, and the U.S.
The company lists $191-million in cash and no debt.
Betfair, which purchased Television Games Network for $50-million in January, cited its international expansion as a key reason for its growth. The company reports adjusted net profits of $121-million, up 29% from fiscal year 2008.
“This has been a phenomenally successful year for Betfair,” said the company’s chief executive officer David Yu. “We have stayed on the path of sustainable long-term growth, even in recession.”
England-based Betfair said 49% of its customers are located outside the United Kingdom and those international customers accounted for 44% of revenue.
The company also credited the competitive advantage of its core betting exchange, which allows for 6.4-million transactions a day, as a reason for success.
Exchange betting, which allows bettors to accept wagers from other players, currently is not allowed in the United States. While some Betfair officials have downplayed the importance of adding exchange betting in the U.S., its latest news release certainly suggested it is a long-term goal, as well as the potential addition of other Internet wagering types in the U.S.
“In the U.S., Betfair’s $50-million acquisition of TVG Network, the largest legal wagering business in America, positions the company to take advantage of any legislative change,” the release said. Betfair holds licenses in the United Kingdom, Italy, Malta, Germany, Austria, Australia, and the U.S.
The company lists $191-million in cash and no debt.