Andy Murray Helps Betfair Smash Record After Slow Football Start

Betfair, the world’s largest betting exchange, revealed on Tuesday that the Wimbledon final was its biggest ever market following reports that the company has gotten off to a slow start with Premier League wagering. 

Betfair.com reports that more than £58 million of bets were taken on the July tennis match in which Murray lost to Roger Federer but ultimately went on to secure his first ever Grand Slam title in New York. 

With bets on the Euro 2012 football tournament being its most important growth driver, Betfair reported revenues up 13 percent to £91.6 million in the three months to July 31. Sports bets were up 21 percent at £72.3 million.  However, net gaming revenues were down 2 percent year-on-year in the second quarter to date.

The company blamed the slow start to this year’s Premier League betting season on the Summer Olympics.

“August was softer than we would have liked due to less interest in other sports and a slower start to the football season,” said Stephen Morana, Betfair’s finance director, who announced on Tuesday he will be stepping down once his successor, Breon Corcoran, assumes the position.  “[The Olympics] has detracted from other sports . . . there’s been a natural cannibalisation [of business].”

Betfair's number of active customers increased by 13% to 485,000 in the period, with half of punters in the UK and Ireland using a mobile phone or device to place at least one bet. The quarterly average revenues per user was stable at £188.

Betfair said revenues from horse racing were up 3 percent while gaming and poker were down 7 percent and 4 percent, respectively.  The later has been affected by tougher regulatory climates in countries such as Germany, Spain and Cyprus.    

Morana said: "The UK, our largest market, was our strongest performing region, driven by the continued success of the Don't Settle for Less" advertising campaign and a great summer of sport."  

- Aaron Goldstein, Gambling911.com