Betfair revenue, EBITDA up more than quarter at year end
Betfair's revenue grew by more than a quarter in 2009, the company's glowing year-end results revealed, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 29% to hit £72m.
BETFAIR’s revenue grew by more than a quarter in 2009, the company’s glowing year-end results revealed, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 29% to hit £72m.
The British online betting exchange’s revenue grew 27% to £303m over the last 12 months. Organic growth and acquisitions including Betfair’s US$50m acquisition of US TV horseracing and online betting business TVG Network meaning it has doubled revenue over the course of a three year expansion campaign.
The company has £133m in cash and no debt. Active users increased by a quarter in 2009, while customers based outside the UK accounted for 49% of total revenue.
Chief financial officer Stephen Morana said: “We are delighted that our three-year investment plan has been so successful. In that period, the business has doubled in size. We believe our strong balance sheet, with no debt, makes us very well positioned to take advantage of further opportunities as they arise, in particular our US venture and planning towards World Cup 2010.”
Betfair’s acquisition of TVG Network in January was designed to position the British company to take advantage of any legislative change should efforts to overturn America’s UIGEA ban on internet gambling succeed. The company now holds licences in the UK, Italy, Malta, Germany, Austria, the US and Australia.
As reported on EGRmagazine.com yesterday, Betfair is number one in the top 10 most popular sports betting businesses on leading odds comparison site Oddschecker in July.