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, Gambling911.com