Betfair Profits Soar in 2006
Investors
in Betfair, one of the most popular sportsbetting and online casino
ventures online, were understandably jubilant following the
announcement of the firm’s recent results. According to Betfair’s
figures, 2006 saw revenue grow 36 percent to 145 million pounds
sterling, while pre-tax profits reached 38 million from 23 million last
year.
In addition, the sports betting giant finished 2006 with a
huge cash reserve of 142 million pound sterling. Last year’s cash
reserve figure was 52 million. The firm’s net assets also increased to
130 million pounds from last year’s 48 million.
Growth in all
sectors increased significantly. The number of regular users reached
160,000 compared to 95,000 registered in 2005, with approximately 11
million bets being processed by Betfair’s operations each day. More
than two million pounds were deposited daily. The most prolific period
was over the time of the football World Cup, which generated 11 million
bets alone.
As a result of all this phenomenal growth, Betfair’s
operations have expanded to provide betting services in 18 languages.
The firm has also focused heavily on growing its business in new
markets with over 50 percent of new memberships being generated from
outside the United Kingdom. Unlike most other major sports betting
firms, Betfair has never relied on the lucrative U.S. market for its
profits and has traditionally tailored its services for the British and
European betting markets.
Over 900 people are employed by the firm across in offices situated in Tasmania, Malta, Denmark and London
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