Betfair US profits up 137% in H1
Operator records a 38% increase in revenues from its US business as BetfairCasino.com shows signs of growthÂ
Revenues from Betfairâs US business were up 38% in the first half of the year, driven by a strong performance in its online horserace wagering division. [private]
Total revenues for the period ended 31 October 2015 reached $59.3m leading to EBITDA of $12.5m, up 137% on the $5.3m recorded during the same period last year.
The operator said the handle and revenues from its TVG horserace wagering arm were up 14% and 25% respectively during the six-month period, boosted by its acquisition of HRTV back in February.
Betfair said the acquisition had increased TVGâs access to premium content leading to higher customer engagement and, in turn, wagering volumes.
Within its horseracing arm, mobile showed strong growth during the period with handle up 75% following the launch of a new website.
Over in New Jersey, BetfairCasino.com continued to build momentum following an uptick in active users, with revenues doubling to $5.7m in the first half of the year.
The update comes just days after Betfair was granted an exchange betting license in New Jersey and will launch via a partnership with the Monmouth Park racecourse.