Betfair Group reports mobile betting increase of 114%
Betfair Group has reported an increase in mobile betting of 114 percent and mobile revenue growth increase of 98 percent as the company saw its overall revenue grow by 13 percent to reach £91.6m.
Reporting its first quarter results following ‘the Summer of sport’ Betfair said that it has seen a strong growth in usage and revenue through mobile channels, with the number of bets rising to 15.8m, with revenue reaching £8.2m as a result.
Outgoing chief financial officer for Betfair, Stephen Morana, said that the growth in revenue during the first quarter had been mainly driven by Euro 2012, and driven by the brand’s ‘Don’t Settle for Less’ advertising campaign over the summer.
"Mobile betting goes from strength to strength, reflecting increasing smartphone penetration, product enhancements and customer familiarity. Mobile usage and revenues doubled and half of all customers in the UK and Ireland placed a mobile bet in the first quarter. We have also continued to deliver important new product upgrades in recent months, including new Android and iPad apps that include our popular Cash Out functionality,” he added.