Betfair mobile revenues spike during ‘record’ quarter

Betfair has achieved record quarterly revenues and profits as mobile use boomed during the World Cup.

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Betfair has achieved 'record' quarterly revenues and profits as mobile use boomed during the World Cup.

The betting firm saw its overall revenues jump 30 percent during the first quarter of the financial year, reaching £117.3 million for the period.

This was partly driven by an increase in mobile spend by customers, which grew 162 compared to the previous year, with the firm citing ongoing investment in app development for the strong performance.

Betfair, which uses agile development methodologies, recently launched new integrated sports-casino native app for iPad and iPhone and fully redesigned apps for both its Casino and Arcade platforms.

“Betfair’s ongoing product innovation and marketing investment led to an excellent quarter against all key metrics, with continued momentum in sustainable revenues and customer numbers enhanced by a strong World Cup,” said CEO Breon Corcoran.

The company announced in July that it had deployed a new IT performance analytics system from Nexthink to monitor the performance of its European technical estate during the World Cup.

During the World Cup the firm processed 22 million bets, up from 18 million during the previous event in 2010, contributing to revenues of £15.9 million - roughly double the amount taken during the Euro 2012 event.

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