Most bookmakers love the World Cup, as it brings extremely high revenues along with it and usually also major profits for them, as punters are often betting with their hearts and not their heads when it comes to national teams. Betfair hopes that this will be the case and that they can continue their increase in profits, after showing a 24% increase in profits before tax for the past year.
Betfair has cut down on expenses as well as trimmed down their operations and that has helped them to make a massive profit of £91.1 million before taxes, with revenues going up 2% to £393.6 million. Increased advertising both online, in radio's and especially on TV has helped the bookie find more hobby bettors, which has helped significantly on the bottom line. Overall the bookie and betting exchange attracted 54% more customers in England and Ireland year-on-year with their campaigns.
“If England have a couple of losses early on, I think people will lose interest quickly.” Chief Executive for Betfair, Breon Corcoran said, referring to them hoping for a good profit during the world cup. Shares in Betfair also experienced a jump after the positive news, as the shares rose 10p in value, now at 1,032p in price for each share in the company.