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

Written by:
Aaron Goldstein
Published on:
Jun/29/2012
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

Gambling News

Mafia Planned to Infiltrate Malta Gambling Sector

Mafia Planned to Infiltrate Malta Gambling Sector

An anti-Mafia investigation in Palermo uncovered “advanced plans” by Mafia clans to relocate their underground activities through online gaming companies in Malta, the Times of Malta is informed.

Caesars Bans Player for Being Named in Legendz Sports Indictment

Caesars Bans Poker Player for Being Named in Legendz Sports Indictment

A player suing Caesars Casino for allegedly banning him had previously worked for the now-defunct Legendz Sports, a company the US Government forced to close in 2013. 

Record Fines Handed Down Against Casino Including Collusion to Steal

Pennsylvania's casino gambling regulators slapped Mohegan Sun Pocono with record fines totaling $1 million for what it called failing to follow internal controls and doing business with unlicensed vendors.

Judge: Video Gambling Profits Must Be Split With Operators

Judge: Video Gambling Profits Must Be Split With Operators

A judge has ruled that Illinois video gambling parlors must continue to evenly split their profits with companies that operate the terminals.

No Evidence Ashes Test Under Fixing Threat, Says ICC

No Evidence Ashes Test Under Fixing Threat, Says ICC

The ICC are taking allegations in a British newspaper about attempts to organise spot-fixing during the third Ashes test “extremely seriously” but do not think the match has been compromised, global cricket’s governing body said on Thursday.

Syndicate