SOURCE: Betfair US

Betfair US

Betfair US

June 17, 2015 12:06 ET

Betfair US Posts Strong Revenue Rise

LOS ANGELES, CA--(Marketwired - Jun 17, 2015) - Betfair US (LSE: BET.L)

  • TVG revenue up 20% as customers increasingly bet via smartphones
  • Acquisition of HRTV broadens US Racing TV coverage
  • HRTV upgraded to HD and now broadcast from TVG's state-of-the-art digital studio
  • Betfair Casino (in New Jersey) posts $5.3m revenue and hosts biggest-ever pay-out

Betfair US (LSE: BET.L), which combines the TVG horseracing network and Betfair Casino site in New Jersey, today announced annual revenues up 29% to $91.5m

Los Angeles-based TVG, the leading online race-betting operator in the US, and available across more than 30 states, saw total handle rise 11% to $1.1bn. Customers increasingly used smartphones to place a bet and mobile betting doubled following TVG's launch of native race-betting iPhone and iPad apps earlier in the year.

In February, TVG acquired the rival HRTV network from the Stronach Group, making it the US' only horseracing TV network and extending its coverage to 40,000 live races a year.

The first two legs of the historic Triple Crown achieved by American Pharoah contributed to a record month in May, with handle on the Kentucky Derby hitting an all-time high at $20m.

TVG currently employs 205 people at its Centre Drive West office in Los Angeles, with 19 new jobs created over the year, mostly in technology based roles.

New Jersey-based Betfair Casino, which is a leading online casino site in the state, saw a strong rise in customers over the year and recorded $5.3m in revenues. In February the site hosted the biggest single payout in the market to date when one customer won $1.5m on one hand.

Commenting on the results, Kip Levin, Betfair US' Chief Executive Officer, said:

"TVG has made significant improvements to both its TV channel and online betting products and we are delighted to see that this has led to more customers than ever using our products.

Having been the first in the industry to launch native iPhone and iPad apps we have made significant investment to ensure they offer an exciting second-screen experience for racing customers. We believe this is bringing new fans to the sport."