Betfair Profits from Mobile Football Betting

December 19, 2011 - by mosesbet · Filed Under gambling news Leave a Comment 

Betfair offers mobile sports betting services on the iPhone, Android, Blackberry and iPad

Betfair, an online gambling operator, recently announced that its flagging financials had received a boost in the form of profits that were accumulated thanks to the growing interest in wagering on sports via mobile gambling applications and sites. The company announced that it had a first time semi-annual dividend of 3.2p per share.

Betfair’s Offerings Attract its Customers

The online gaming company offers punters the chance to create and set the odds for themselves. They can also wager against one another on the site. Betfair stated that it had begun the football season on a positive note. In addition to this, interest in games like golf, cricket and tennis have also grown considerably.

Changes in the Company’s Financial Status

In 2010, the shares for Betfair were valued at an all time low, £13. Its current change in fortune is clearly a welcome development. According to Morana, the Chief Financial Officer of the company, Betfair has experienced some ups and downs while transitioning from a private enterprise to a public one. However, he said that the recent figures have restored some of the company’s confidence, putting it firmly back on track and giving the business a push in the right direction.

The profits rose a whole 36% to the hefty sum of £42.4 million. Within six months, the revenues rose by 1%, taking the amount up to £191.3 million. The company stated that it expected the growth to continue into the 3rd quarter as 41% of Betfair’s customers used mobile phones to place their wagers. This accounts for approximately 9% of the company’s revenue.

The Future of Betfair: New Management and Plans

According to Nick Batram, one of the analysts at Peel Hunt, Betfair’s results showcase their turnaround from the difficulties that they have faced over the last 18 months. He said that the biggest competition that the company will face is from bookmakers who deal with fixed odds.

Companies such as William Hill have expanded their interests in this field in anticipation of a boom in the market. However, Batram feels that though Betfair has made mistakes, they can be addressed and the company is making great progress, ensuring its interface is more user friendly.




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