| Betfair results eagerly awaited |
The past twelve months have been marked by a significant increase in the rate of investment by Betfair, as the company has sought not only to consolidate its position as the world’s leading betting exchange operator, but also, to broaden its product portfolio, so as to create a one-stop-shop solution for online gambling, under the Betfair umbrella.
The forthcoming results for the year to 30 April 2007, will also be of interest, in that they will represent the first full year of results delivered under the stewardship of Betfair’s CEO David Yu.
Some of the major strategic developments impacting on the company, over the past twelve months, have included the launch of its Australian betting exchange. In recently filed accounts, Betfair’s Australian partner PBL (50%) said that the business continues to build critical mass in its first full year of operations, and that its share of after tax losses for the year was $2 million.
In October 2006, Betfair Poker moved away from CryptoLogic Inc. towards an in-house technology solution. During the year, it was also appointed as the “Presenting Sponsor” of the World Series of Poker (WSOP) Europe through 2011; it acquired Timeform; launched an online casino, an online radio station and Betfair Mobile.
Looking ahead, Betfair is also in the running to become the next sponsor of Channel 4 racing, in a deal believed to be worth nearly £2m per year. Any deal is likely to see Betfair wish to emphasise the unique aspects of its product, including better starting prices and its lively in-running markets.
An overview of Betfair’s financial performance to date may be found here;
