Poker Declines 18 Percent At BetfairSecond Quarter Poker Revenue Continues Downward Trend At Betting Exchange |
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Betfair plc, the UK-based online betting exchange, saw poker revenue fall 18 percent between August and September 2012 to £4.5 million from £5.4 million a year earlier.
Second quarter 2012/13 revenue was also down four percent on the first quarter.
Overall in the first half of the company’s financial year poker revenue was down 11 percent to £9.6 million from £10.8 million the previous year.
The company said, “During the period, we entered into an agreement with Playtech to provide access to its iPoker network. This gives Betfair flexibility to choose the best network for its customers on a country-by-country basis and is particularly valuable in markets with ring-fenced liquidity such as Spain and Italy.”
Overall the company saw group revenue grow five percent in the first half of the financial year to £200.6 million.
The company has been reviewing its business under newly appointed chief executive Breon Corcoran, who said, “We are now pursuing a new and more focused strategy to address the business’ challenges and exploit its market opportunities.
“The review we have carried out over the past four months has demonstrated a number of strengths. Betfair has a unique product offering, strong brand affinity and scale in the UK. However, we have also identified a number of areas requiring change and fixing these will take time.
“Recent regulatory developments have been challenging and we are reducing our exposure to markets with an uncertain regulatory future. We will focus investment within regulated markets with sustainable revenues.
“Creating a simpler product that retains the key advantages of the exchange, combined with investment to return the brand to its previously strong position, will allow us to increase our audience and accelerate revenue growth.”
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