Betfair hikes full-year profit forecast to €142m

Online gambling company Betfair hiked its full-year profit forecast range yesterday after it said trading had remained strong following a better-than-expected third-quarter performance.

The firm, which operates an exchange that allows gamblers to bet against each other, raised guidance for full-year 2014-15 core earnings from a range of £97-£103 million (€134-€142 million) to £113-£118 million (€156-€163 million).

Betfair said a 20 per cent rise in revenue had helped push core earnings for the three months to January 31st up 17 per cent to £23.6 million (€32.6 million), well ahead of analysts’ average forecast of £17.4 million (€24 million).

That was despite a £7 million (€9.6 million) impact from a new UK tax on profits from bets made by its British-based customers. – (Reuters)