Betting exchange Betfair, which has a strong presence in Ireland through hosting of many of its core functions in Ringsend, has reported 13% growth in revenues in the three months to the end of July.
This has mainly been driven by exchange betting on sport with the European Championship Finals a key element. The rapid move towards mobile, discussed in detail at last week’s Sport for Business round table on technology, is also much in evidence with a 114% rise in the number of bets being placed through smart phone apps.
The company’s share price fell yesterday as it revealed a softer start to the football season than expected, due to the emphasis on the Olympics, as well as challenges in some European markets.
Such strong growth in its main business though indicates that new CEO Breon Corcoran has plenty to work with. He took up his new position having previously been COO with Paddy Power and maintains a strong Irish connection to what has become, in only 12 years, one of the largest sports and betting brands in the world.
The revenue from sports betting between May and June was £72.3 million (€90 million) of which a proportion is paid to sporting bodies through levies, voluntary agreements and sponsorship. With almost one third of the clubs playing in the Barclays Premier League sponsored by betting companies it is an obvious area of potential support for Irish sport.
That is one of the areas which we will cover at the next Sport for Business Round Table on the issues surrounding betting and sport. This will take place on Thursday, October 4th.