Betfair's 16-foot octopus may have broken down on a truck at Oxford Circus, but the betting exchange’s results were in good shape today as the firm readies itself for a World Cup gambling frenzy.
According to chief executive Breon Corcoran “literally billions” will be staked on Betfair’s exchange, which allows punters to bet against each other while the firm takes a commission on the winnings.
“We made £10 million on the last World Cup and we expect this one to be bigger,” he said.
Corcoran, who claimed that the octopus breakdown was a genuine foul-up, beat City forecasts with a 24% rise in underlying earnings to £91.1 million in the year to April. Betfair hikes the dividend by 54%.
A big jump in UK and Ireland customers, rising mobile revenues and a focus on more sustainable markets have reaped rewards, as well as new products, such as its Cash Out button which allows punters to cash in accumulator bets in-play.
The shares rose 11p to 1033p, above last year’s 950p-a-share offer from buyout firm CVC but still below the 1300p float in 2010.
