Betfair and 888 Release Strong Trading Figures
Earlier this week, online gaming Goliath Betfair gave the London Stock Exchange a positive trading update that revealed the Hammersmith-based company’s second quarter revenue rose by 22% to £119 million.
The reason for the impressive increase was put down to “strong growth in active customers and favourable sporting results,” meaning while punters missed out Betfair reaped the rewards.
Betfair’s Chief Executive Officer, Breon Corcoran, spoke of the update in a statement to the City:
“Betfair received a boost in Q1 from a strong World Cup performance and our focus in the second quarter has been on maintaining this momentum. Encouragingly, the recent growth in customer activity has continued with the active customer base up 30% in Q2. These trends, combined with favourable sporting results, have led to another strong quarter and underpin our confidence in delivering our expectations for the year.
The Betfair (Betfair Sportsbook) chief says that the companies continued success is partly down to the fact it develops the majority of its own software and products, which gives it more flexibility in what it offers customers.
“One of Betfair's key advantages is its product differentiation and this results from having leading in-house technology capability. Cash Out and Price Rush are examples of how Betfair has developed products that are changing the way our customers bet.”
888’s Q3 Group Revenue Hits Record Levels
Another gaming company that is flying high right now is 888 Holdings, the parent company of 888poker. One day after Betfair released its trading update, 888Sport played its hand and revealed Group revenue for the third quarter of its financial year was an all-time record of US$114 million, an increase of 22% year-on-year.
888 showed increased revenue across the board, including an increase of 16% in its registered customer base, which now stands at 17.3 million.
Brian Mattingley, who is set to change roles from Chief Executive Officer to Chairman, said of the record-breaking quarter:
“I am delighted to report that 888 has continued its strong performance in Q3, delivering an all time quarterly revenue record of $114m. This was driven by an outstanding performance from Casino, reflecting our leading product and superior technology, as well as impressive growth in Sport, our B2B business and Bingo.”
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