TVG Handle Increases 33% in Fiscal Year 2014
Image:
Description:
Like its parent company Betfair, TVG enjoyed a strong 12 months for the fiscal year ended April 30, according to financials released June 11.
Betfair reports its U.S.-based advance deposit wagering platform and racing channel saw revenues increase 19% (constant currency) as handle rocketed up 33% to $74.76 million in fiscal year 2014 compared with 2013.
The company credited much of the increase to its taking over operations of the 4NJBets ADW platform on behalf of the state of New Jersey. Betfair said in upgrading the platform, TVG has helped spark a 57% increase in wagering volumes there.
"(TVG) has continued to make significant strides; recently investing to upgrade the TVG cable channel to high definition, which we believe will consolidate our viewing share in the future," Betfair reported. "The attractiveness of the TVG brand worldwide was recently illustrated by the signing of a strategic partnership with the world famous Hong Kong Jockey Club, which will link pari-mutuel wagering from both the U.S. and Hong Kong for the first time."
Betfair U.S., which also includes an online casino in New Jersey, reports a 20% increase in revenue during the year.
Betfair, which operates the world's leading betting exchange, said sustainable revenues were up 9% in 2014 with growth across all of its products. Its underlying earnings before tax and depreciation were up 24% to $153 million.
"Our strategy is working," said Betfair chief executive officer Breon Corcoran. "The emphasis on sustainable revenues and our product and marketing investments are paying off, resulting in record revenues and profits."