Betfair said that during the period under review,revenue up 5% driven by a 12% increase in sustainable markets. (Still talking about sustainable markets). Underlying EBITDA was up 28% to £20.2 million (Q3 FY13: £15.8 million)
Betfair announced that it has now integrated its Exchange and Sportsbook, allowing the odds on certain Sportsbook bets "to be boosted by leveraging the superior value available on the Exchange". Betfair stated that as a result of the integration, Betting Exchange liquidity would be further strengthened.
Betting exchange revenue was up only +1% year on year, suggesting that Corcoran's strategy is failing to fix the problems associated with the betting exchange system. In his most recent CEO review Betfair's Corcoran said; "The Exchange appeals greatly to many consumers but does not fully address the mass market,due to perceived and real complexity." In a further presentation to City analysts Corcoran stated that the exchange "is a little bit niche."
Betfair said that it now expects EBITDA for the full year to be towards the upper end of the previously guided range of between £82 million and £87 million.