Betfair Share Price Up on Strong Earnings Report and News of Expansion Plan
Betfair, the largest online betting exchange in Europe, has seen its shares rise more than 3 percent on Tuesday following news of its pre-tax profit for the past six months soaring 56 percent year-on-year to £32.5 million. This is welcome news for a company that has widely been viewed as “stagnant” over the years.
Betfair’s share price rose 3.8 percent to £10.69 as of 13:08 UTC.
The company went public in 2010 but its share price fell from the £13 level in which it was floated.
Betfair is one of the groups looking to make significant inroads into the US market by way of New Jersey, which began allowing real money online gambling last week.
“Betfair has continued to make progress against the strategic objectives we set out in December 2012 and has delivered a good first half performance,” CEO Breon Corcoran commented. “Our focus on regulated jurisdictions and Sportsbook-led acquisition continues to be successful. In the 12 months since we implemented this approach, the number of new customers acquired in the UK and Ireland is up 77%.”
In May, Betfair rejected an improved £9.50 a share takeover bid from private equity firm CVC Capital Partners as the two companies failed to agree on price and strategy.
- Aaron Goldstein, Gambling911.com
