Betfair Poker Revenue Stabilises

Betfair Plc, the UK-based online betting exchange and poker operator, has issued its financial results for the first half of 2011.

Poker revenue was down five percent to €10.78 million in the six months to the end of October 2011 from €11.35 million in the same period a year earlier.

However in the three months to October 2011 poker revenue grew three percent to €5.4 million from €5.3 million a year earlier despite the suspension of poker in the Italian market of which the company said, “Poker revenues have been further affected by our decision to suspend offering these products in Italy from July following the introduction of a licensing framework for Games and Poker in the country.

“We are planning to introduce these products to the Betfair.it site in 2012.

The company also explained the stablilisation of revenues in the context of last year’s migration to a new poker network saying, “In July 2010, we migrated our poker product to the more liquid Ongame network and after an initial reduction of revenue following the loss of some high ARPU customers, revenue has now been stable for five quarters.”

Overall the company had its best quarter ever with David Yu, Betfair’s chief executive officer, saying, “I am pleased with our performance in the first half of the year, with record revenues and profits. After a solid first quarter, we delivered a strong second quarter with Core Betfair revenues up 12%."

Yu is leaving Betfair next year and will be replaced by Breon Corcoran of Paddy Power.

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