Betfair US Reports Strong First-Half Revenue Numbers - Horse Racing News | Paulick Report
Closex

Betfair US Reports Strong First-Half Revenue Numbers

Betfair US, which comprises pari-mutuel horserace betting operator TVG, and online casino site Betfair New Jersey, announced its first-half results on Dec. 4 via its parent, Betfair Group.

Total first-half (May to October) revenue across Betfair US increased by 17% to $47.3m, driven mainly by a strong performance at TVG alongside an encouraging contribution from Betfair New Jersey, which currently holds an 11% share of the fledgling New Jersey online casino market.

TVG's strong recent growth continued with handle (the total volume of bets placed) between May and October up 15% in a wider market where handle was down 2%.

A key growth driver was an 85% increase in Mobile wagering in the first half of the year, with customers making increasing use of the smartphone channel following the launch of native TVG iPhone and iPad Apps in the Apple app store. Mobile represented 14% of TVG's total staking, a significant increase from 2013.

The recent Breeder's Cup at Santa Anita continued the encouraging recent trends with an 11% rise in active customers betting on TVG and meeting handle up 8% despite there being one less race. The Breeders Cup Classic, won by Bayern, proved particularly popular with customers, with over $1.8 million wagered on a race which featured a thrilling finish involving California Chrome and British challenger Toast of New York.

TVG's recent gains mean it is now the market leader in advanced deposit wagering operator in the US.

Betfair's online casino in New Jersey, which launched in November 2013, recorded first-half gross gaming revenues of $4.2m and held an 11% share of the Casino market in October.

Betfair recently entered into a partnership agreement with the Golden Nugget Casino, who have replaced Trump Plaza as Betfair New Jersey's land-based partner.

Kip Levin, CEO of Betfair US, said: “Our recent investments in HD and mobile innovations at TVG continue to lead to strong gains within a flat wider US market. Our smartphone apps have been very popular with new and existing customers and we see this as a key future market growth driver, with our recent success at the Breeders Cup showing that this is what our customers want”.

“Our New Jersey site continues to perform well within a wider market that has been slower than anticipated. We have a strong offering that is proving popular with customers and are confident that the market will continue to develop positively.”

Paulick Report Icon
GET OUR NEWSLETTER

Receive daily headlines, breaking news alerts, promotions, and much more!

Subscribe
Become An Insider

Support our journalism and access bonus content on our Patreon stream

Learn More