Aiming for expansion in Italy and the United States
Betfair announces 16% profit rise
2013-12-04
Reading time 32 seg
(UK).- Betting exchange Betfair has revealed it is exploring options to expand in Italy and the United States after reporting a 16 percent rise in underlying profit for the first six months of its financial year. Overall revenues fell 6 percent, to us$ 308 million in the period to the end of October, but underlying EBITDA increased to us$ 80 million.
“Betfair has continued to make progress against the strategic objectives we set out in December 2012 and has delivered a good first half performance,” new CEO Breon Corcoran said in a statement. “Our focus on regulated jurisdictions and Sportsbook-led acquisition continues to be successful... the progress we have made in the first six months means we expect underlying EBITDA for the full-year to be between us$ 134.3 million and us$ 142.5 million,” he added.
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