{"id":29508,"date":"2015-06-18T14:38:52","date_gmt":"2015-06-18T21:38:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=29508"},"modified":"2015-06-18T14:52:20","modified_gmt":"2015-06-18T21:52:20","slug":"betfair-profits-high-despite-new-uk-tax-hit","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/","title":{"rendered":"Betfair Profits High Despite New UK Tax Hit"},"content":{"rendered":"
\"Breon
Betfair CEO Breon Corcoran says the market remains competitive despite the new UK point of consumption tax. (Image: sbcnews.co.uk)<\/figcaption><\/figure>\n

Global betting exchange Betfair<\/a> has reported that its robust increase in revenue over the last fiscal year has been driven largely by accelerated investments in marketing and mobile sports betting, which now accounts for around 70 percent of all sports betting turnover.<\/p>\n

Revenue was up 21 percent to \u00a3476.5 million ($757 million) for the London-listed company, which said that an increase in marketing spend had led to an encouraging 52 percent rise in active customers to a record 1.7 million.<\/p>\n

The World Cup<\/a> early in the financial period enabled the company to engage with new customers and renew relationships with existing ones, according to Betfair CEO Breon Corcoran. This created a trading momentum which resulted in record customer numbers and betting volumes at UK horseracing meetings, the Cheltenham Festival, and Grand National. The number of active customers in these markets increased by 70 percent to 1,456,000, the company reported.<\/p>\n

Heavy Investment<\/h2>\n

\u201cProduct is a key reason why customers join and stay with Betfair,\u201d Corcoran noted. \u201cImportant product improvements, including the extension of Price Rush to each way bets and Cash Out to in-running horseracing, helped to drive a strong performance during these key racing festivals.<\/p>\n

\n
\n

\u201cWe continue to invest heavily in the business,\u201d said Corcoran. \u201cThis year we spent [around] \u00a328m more on marketing and customer bonuses and added more than 60 people to our product development teams.\u201d<\/p>\n<\/div>\n<\/blockquote>\n

Revenue growth helped Betfair record an operating profit of \u00a394.3 million, up 53 percent year-on-year, with profit for the year climbing 69 percent to \u00a386.4 million. This, despite the introduction of a UK point of consumption tax which threatened to swallow up profit margins for online gambling companies. Betfair said it expects a similar tax regime to be established in Ireland by August,\u00a0and will seek to obtain a license.<\/p>\n

Mulls B2B Solution<\/h2>\n

\u201cThe market remains highly competitive and, despite the introduction of the UK point of consumption tax, operators are still spending heavily on marketing and promotions,\u201d said Corcoran.<\/p>\n

\u201cWe continue to believe that scale is critical and we have opportunities to invest for profitable growth. We have momentum, current trading is good and we are confident we can deliver our expectations for the coming financial year.\u201d<\/p>\n

Corcoran also said that the company was mulling the idea of franchising out its betting exchange as a B2B offering. Betfair\u2019s relationship with Crown Resorts<\/a> in Australia would serve as the prototype for such a venture, he said.<\/p>\n

Last year, the company sold its 50 percent stake in Betfair Australia to Crown, but will continue to supply its product in return for revenue share. This would be the model for its B2B solution, Corcoran said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Global betting exchange Betfair has reported that its robust increase in revenue over the last fiscal year has been driven largely by accelerated investments in marketing and mobile sports betting, which now accounts for around 70 percent of all sports betting turnover. Revenue was up 21 percent to \u00a3476.5 million ($757 million) for the London-listed […]<\/p>\n","protected":false},"author":42,"featured_media":29517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19],"tags":[],"acf":[],"yoast_head":"\nBetfair Profits High Despite New UK Tax Hit<\/title>\n<meta name=\"description\" content=\"Betfair revenues are in robust health and are largely due to focusing on mobile and marketing, says CEO Breon Corcoran.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Betfair Profits High Despite New UK Tax Hit\" \/>\n<meta property=\"og:description\" content=\"Betfair revenues are in robust health and are largely due to focusing on mobile and marketing, says CEO Breon Corcoran.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-18T21:38:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-06-18T21:52:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/06\/Breon-Corcoran-Betfair.png\" \/>\n\t<meta property=\"og:image:width\" content=\"508\" \/>\n\t<meta property=\"og:image:height\" content=\"296\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/\",\"url\":\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/\",\"name\":\"Betfair Profits High Despite New UK Tax Hit\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/06\/Breon-Corcoran-Betfair.png\",\"datePublished\":\"2015-06-18T21:38:52+00:00\",\"dateModified\":\"2015-06-18T21:52:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Betfair revenues are in robust health and are largely due to focusing on mobile and marketing, says CEO Breon Corcoran.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/betfair-profits-high-despite-new-uk-tax-hit\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/06\/Breon-Corcoran-Betfair.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/06\/Breon-Corcoran-Betfair.png\",\"width\":508,\"height\":296,\"caption\":\"Betfair CEO Breon Corcoran says the market remains competitive despite the new UK point of consumption tax. 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