Online betting exchange Betfair has released a trading update for the three months to January 31 reporting revenue of £114.6m for the quarter, a 20 per cent increase year-on-year.
The increase represents the fourth consecutive quarter of double-digit growth at Betfair as the number of active customers climbed 35 per cent to 760,000.
The quarter saw a 96 per cent increase in mobile revenues with 80 per cent of UK sportsbook customers now using mobile. Profit (EBITDA) was up 17 per cent in the quarter, to £23.6m. Excluding UK point-of-consumption duty, EBITDA rose 51 per cent.
Betfair CEO Breon Corcoran said it had been another strong quarter: “We are now two years into a programme of substantial product and marketing investment and this is delivering sustained growth.
“Our in-house development capability is allowing us to develop new products quickly and efficiently. This is particularly evident in mobile, where our proprietary technology gives us an edge in the largest and fastest growing channel.
“The strong Q3 performance and the continuing momentum we are carrying into the final quarter mean we now expect full-year EBITDA of between £113m and £118m”.
