Betfair revenues in Ireland hit £10.7m

UK-BASED betting exchange Betfair generated revenues of £10.7 million in Ireland last year and had 28,000 active customers.

This is the first time that Betfair, listed in London, has broken out data for its Irish operation.

The firm announced yesterday that its global revenues rose by 6 per cent to £349.5 million in the year to the end of April 2012.

Its earnings before interest, tax, depreciation and amortisation rose by 15 per cent to £92.1 million.

“The increasing penetration of smartphones and the convenience of the channel for customers have led to strong growth in mobile usage and revenues,” said Stephen Morana, Betfair’s interim chief executive. “In April alone, customers placed over six million mobile bets and almost 50 per cent of UK and Ireland ‘actives’ used the channel.”

Figures provided by Betfair to The Irish Times show that its Irish sports revenues – exchange and risk products – amounted to £9.1 million last year.

The balance of its revenues was derived from online games and poker.

Betfair set up in Ireland in 2004. It employs about 90 staff in Dublin and its annual contribution to the Irish economy is estimated at €17.8 million based on its payroll, employment and corporate taxes and spend with local suppliers.

Irishman Breon Corcoran, formerly an executive with Paddy Power, takes over as Betfair chief executive in August.