iGaming Business – Online gambling company Betfair has highlighted the impact of this year’s Fifa World Cup national team football competition as the key reason behind a significant year-on-year jump in revenue during the three months through to July 31, 2014.
The firm posted total net gaming revenue of £117.3 million (€146.8 million/$193 million) in the first quarter, which represents an increase of 30% on the £90.4 million achieved in the corresponding period last year.
Sports betting revenue in the period improved by 30% to £83 million, thanks in part to the impact of the World Cup, during which Betfair generated £15.9 million.
Elsewhere, revenue from Betfair’s gaming business grew by 45% to £19.8m while revenue from its Betfair US operation leapt by 14% in the first quarter to £14.2 million.
Aside from revenue, Betfair was also able to report an increase in earnings before interest, tax, depreciation and amortisation, which grew by 39% from £24.9 million last year to £34.5 million in the most recent quarter.