Marketing and a new online casino also helped Betfair arrive at a rise of an unprecedented 57% in active users. This came to more than 433, 000 in the year, according to the private company’s results that it published today. That drove up like-for-like revenues by 30% to £182m as Betfair shrugged off a tough regulatory environment. But one-off investments of about £12m meant pre-tax profits dipped to £25.3m from £36.5m a year earlier.
While other online betting companies were hurt bad by the UIGEA, Betfair says that it has remained unaffected due to its long standing refusal to accept bets from the United states in the first place. However, as this has lead to a certain dependence on the Uk market, Betfair has been looking for new sources of revenue. Customers outside of Britain amounted to 38% of total revenue, up from 32% since 2006.
While rival companies have been hit by an American crackdown on online gaming, Betfair says it has been unaffected thanks to a long-standing policy of refusing bets from the United States. But it has sought new customers in other countries as it moves away from dependence on the UK market. Customers outside Britain contributed 38% of total revenues last year, up from 32% in 2006. Betfair has licenses in the UK, Malta, Germany, Austria and Australia and will soon start trading in Italy.
What makes Betfair so special is that it allows punters to bet against one another. This is a system that it has pioneered, with house odds that are consistently better than those at other betting houses.
Set up seven years ago by former professional gambler Andrew Black and Edward Wray, a City worker, the exchange now has more than one million registered users. Betfair claims that its technology platform processes up to 5m transactions every day - more than all European stock markets combined.
The company, which is still 25% owned by its two founders, once considered a stock market flotation but that is no longer thought to be on the agenda. Betfair now plans to use its strong cash reserves - it has £180m in corporate funds and no debt - to move into new markets and launch more products.
In the last year it poured £22m into research and development, including its cyber-casino and the integration of Timeform, a horse-racing form guide business bought in November 2006.
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