Betfair gives strong odds on 2015 trading and ups profit forecast
ONLINE gambling giant Betfair yesterday increased its full-year profit forecast as trading continued to perform strongly following a better-than-expected third quarter.
The London-based firm reported a 20 per cent rise in revenue in the three months to January 31, with sports and gaming income increasing as investment in products and marketing helped drive up customer numbers by 50 per cent in its core markets.
Commenting on the results, chief executive Breon Corcoran said: “This was another strong quarter. Betfair has momentum and is continuing to gain share in its key markets by acquiring and retaining customers through product differentiation, attractive odds and generous promotions.
“The strong third quarter performance and the continuing momentum we are carrying into the final quarter mean we now expect full-year Ebitda of between £113m and £118m.”