Euro 2012 Huge for Bookmakers: Helps Boost Betfair Profit by 50 Per Cent

Written by:
Aaron Goldstein
Published on:
Euro 2012 Huge for Bookmakers:  Helps Boost Betfair Profit by 50 Per Cent

Betfair, the world’s largest sports betting exchange, reported a more than 50 per cent jump in pre-tax profit for the 12 months to April 30, mostly a result of heavy beting on the Euro 2012 in recent weeks. 

“The European championships have been our biggest sports betting event. More bets have been laid on the Euros with us than for the last World Cup,” Stephen Morana, Betfair’s interim chief executive.

Ladbrokes, which saw its shares drop more than 12 percent yesterday on news of poor online results, suggested the Euro 2012 had hurt business due to four big favorites advancing. 

Betfair appears to be faring better with only a 1 per cent year on year drop off to £389.7m following the cancellation of a high rollers telephone betting programme.

- Aaron Goldstein,

Gambling News

Top News, Latest Odds: Sports Bettor Sues IRS, Week 1 College Football Lines, More

For a comprehensive look at today’s top news stories and latest event odds from your mobile device or laptop, Visit the Site Map

Beginners Guide to Using the Best Priced Pay Per Head Software

Whether you are seasoned veteran when it comes sports bookmaking or just getting started in the Internet sports betting industry, working with any kind of online gambling software can be intimidating at first glance.

Latest Abilify Lawsuit Claims Drug Caused Man to Gamble Thousands of Dollars

Latest Abilify Lawsuit Claims Drug Caused Compulsive Gambling, Money Loss in Thousands has been reporting on the apparent connection between the drug Abilify (Aripiprazole) and an increase in compulsive behavior, more specifically uncontrollable gambling. 

Glitch Caused Cash to Get Stuck in Casino Slot Machines

A Detroit casino has finally fixed a glitch that prevented cash from being dispensed from its first floor slot machines overnight. 

Paddy Power Betfair Expects Faster Cost Savings From Merger

Gambling company Paddy Power Betfair PPB.I PPB.L increased the scale and pace of cost savings from its merger, fleshing out its strategy following a 31 percent jump in first-half earnings.