Betfair Reports Increased Revenue
By James Mc
Online gaming giant Betfair has announced that it has recorded year-on-year revenue growth of 35 per cent to £144.7 million since 2002, with pre-tax profits rising 63 percent to £37.8 million from £23.1 million in 2005.

The company ended the year with a cash balance of over £142 million against its 2005 figure of £52 million, whilst the net assets of the Group increased from £48 million in 2005 to £130 million this time around.

The company reported that in 2005, over 1.3 billion bets were placed on the exchange, and that it is now regularly handling over five million bets per day, with more than £2,000 a minute being deposited onto the site. The number of active monthly exchange users was up to almost 160,000, with registered customers up to over 900,000 by the end of the World Cup.

The Betfair exchange, which is now available in 18 languages, has also seen encouraging returns from its ventures in emerging markets with regions outside the UK accounting for more than a third of total revenues, compared with less than a quarter in 2005. 50 percent of new registrations have also been from outside the UK.

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