Betfair cashes in as punters shell out £100m at Ascot after record yearComments Off on Betfair cashes in as punters shell out £100m at Ascot after record year
He also said the likelihood of Greece still being in the eurozone by the end of the year was rated 80% by Betfair’s customers.
The online betting exchange had a spectacular year starting with the World Cup in Brazil and ending with the Grand National, which saw headline earnings rise 32% to £120 million.
Even more impressively, the number of active customers grew by 52% to 1.7 million in the year to April.
“Obviously the World Cup helped,” said Corcoran. “Our ‘Tap Tap Boom’ advertising has helped to get over the perceived complexity of betting on an exchange.
He said the firm was planning big advertising spend on both BT Sport and Sky’s football coverage in the coming season.
Showcase: Betfair will advertise during Premier League football matches on BT and Sky (Picture: Michael Regan, Getty Images)
The recent introduction of “point of consumption tax” which means tax is paid by UK gamblers in the UK rather than offshore in Gibraltar, cost Betfair £19 million in the final quarter.
Corcoran played down talk Betfair might take part in the swathe of takeovers in online betting, saying while it had £105 million in cash it had seen “nothing yet” which interested it.