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Betfair's third quarter results released Tuesday received a welcome boost from the Australian Open tennis tournament, where mainly online punters placed some GBP50 million in bets.
The world's largest betting exchange posted an 11 percent rise in third quarter revenue, beating market expectations, with strong demand for betting on the Australian Open tennis and to a lesser extent horse racing driving growth.
Betfair said that in-play betting was particularly popular during the tennis tournament, in which Novak Djokovic and Rafael Nadel battled it out in an exciting five set final.
"We had our best ever Australian Open, which culminated in almost 50 million pounds ($79 million) of bets being placed in the final," acting Chief Executive Stephen Morana said in a statement.
Betfair's third quarter revenue rose to GBP 85.3 million ($135.4 million), beating Reuters forecasts of GBP 84.8 million.
The company has struggled since it listed on the London Stock Exchange in October 2010, seeing its share price fall by a third on the back of intensifying competition from rivals such as William Hill and concerns over the tightening of gambling laws in some parts of Europe, Reuters news agency reported.
The company's response has seen the launch of a marketing campaign, drawing attention to the more generous odds that it offers gamblers compared with bookmakers.
On Monday, the company launched "Betfair Everywhere" , which enables customers who download the programme to see Betfair odds appear against those of other betting firms when they visit competitors' websites.
The company confirmed Tuesday that founder Ed Wray would step down as chairman and be replaced by ex-Railtrack chief executive and city veteran Gerald Corbett.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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