Betfair reports 40% increase in Irish customers

Online gambling exchange Betfair has reported a 40 per cent jump in Irish customers with soccer, racing and GAA sports proving popular with punters.

The company, which employs a 130 staff at its Dublin office, saw revenue increase by 26 per cent to £237.6 million between May and October of this year.

Profit before tax also rose 87 per cent to £60.9 million during the period.

The company said the most significant single event of the period, with over 500,000 bets placed on Betfair in Ireland alone, was the World Cup in Brazil.

However, it also noted there was strong trading at the Punchestown Festival in May and the All-Ireland senior football and hurling championships.

Betfair reported a strong uptake in its mobile betting channel, with the smartphone bets now accounting for over 70 per cent of revenue on Betfair’s sportsbook.

In terms of upcoming events attracting interest, the company said betting on Ireland in he upcoming Six Nations rugby tournament was particularly strong.

Commenting on the results, chief executive Breon Corcoran said: "Betfair has invested considerably in products that differentiate us and innovative features such as Cash Out, Cash Back Extra and Price Rush have allowed us to acquire and retain more customers than ever before.

“ Over one million customers bet with us in the first half of the year, a 50 per cent increase on last year”