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Betfair moving to Gibraltar as share price rises

TAGs: Betfair, Betfair Casino, Gibraltar, results

Betfair, one of the largest betting exchange in the world | Gambling Industry NewsThe world’s largest betting exchange has released their first set of results of the current year.

Betfair’s core revenue was up 6.2% over their 2010 third quarter to £77.0m. This included sports revenue rising to £56.6m representing an increase of 8.6%, games also seeing an increase of 8.2% to £14.3m

Betfair CEO David Yu commented: “We are pleased with the growth we achieved in the third quarter, especially from football and Games. Marketing efficiency continued its improving trend, resulting in a lower cost per acquisition again this quarter whilst also showing strong growth in active customer numbers.”

Like many other companies in the online gaming space, the group is struggling when it comes to poker revenues, which were down by a significant 20.5% year-on-year to £5.2m.

Yu added that the group “have made a good start to Q4” and will be rolling out a series of improvements to their sports betting product in the coming months.

The results also saw the group’s share price rise back above 900p and up 18p on yesterday closing price. At the time that this article was published, they had reached 905p. This has been far from the norm since their entering into the London Stock Exchange at the end of October and after tumbling the last time a set of results came out it will remain to be seen what happens for the remainder of the day.

Lastly, Yu said: “As a global, technology-led betting operator, our new operational base in Ireland and the change to our licensing structure provides us with increased flexibility. It allows us to locate key technical equipment in more efficient locations, to serve our customers better and to compete on the same basis as the majority of operators in the UK online betting market.”

It also was confirmed that the exchange would be operating under a Gibraltar license from tomorrow (9th March) onwards.

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