Betfair Q1 results down 13%

Betfair announced its first quarter results were down by 13% in the three months to the end of July to £90.4 million, for the same period last year the company had a revenue of £103.8 million. However the online gaming group said it expected to meet its full year targets for shareholders.

The company said it is focussing on sustainable markets in regulated fields such as the UK, Ireland, Malta, Gibraltar, Denmark and of course the promised land itself the USA.

Where the company has been impacted on negatively over recent months are those regions that Betfair have either pulled out or reduced their presence, such as Greece, Germany, Cyprus and Spain.

“Betfair’s first-quarter performance is in line with our plan and leaves us on track to meet our expectations for the full year,” said CEO Breon Corcoran.

“The business is continuing to show that it can compete more aggressively and efficiently in our key markets. We now operate from a far more sustainable revenue base and saw a 10% increase in active customers in sustainable markets in the period.”