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GBP 50 million wagered on Australian Open

GBP 50 million wagered on Australian Open
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.

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Gambling News :

Wanajump Launches - #Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.

Coral Launches player proposition betting product - Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.

Oshi online casino now accepts fiat currencies - The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.

New Standards for UK Online Gambling - Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.

Pennsylvania Gambling Bill 1887 returned with additions - The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.

UKs Advertising Standards Authority vs Ladbrokes - A Ladbrokes Casino email promo has fallen foul of the UKs Advertising Standards Authority who deemed significant terms and conditions concerning bonusing to be unclear or misleading.

Mybet Earnings Struggle - The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

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