Betfair Reports 15% Handle Increase for TVG

Citing its mobile channel as a key driver, Betfair reports that its U.S.-based advance deposit wagering company TVG enjoyed a 15% spike in handle for the six months ended Oct. 31.

Betfair said the increased handle helped TVG reach an estimated market share of 37%.

During the six-month period TVG registered an 85% increase in mobile wagering following the launch of its IPhone and IPad apps. The increased handle, coming in a year that total handle on U.S. races is down 2.08%, helped TVG increase its revenues 17%.

Betfair, primarily a betting exchange, reported its six-month results Dec. 4. It noted strong gains as revenue increased 26% to £237.6 million ($373 million in U.S. funds) thanks to strong customer base growth and performance from wagering on the soccer World Cup. Operating profits were up 82% to £59.9 million ($94 million).

"These results demonstrate strong delivery against our strategy for achieving sustainable growth that we oulinted two years ago," said Betfair chief executive officer Breon Corcoran. "We have substantially strengthened our competitive position by investing in products that differentiate Betfair and by enhancing our marketing capabilities in a crowded market place."

Also in the U.S., Betfair reports that its online casino in New Jersey launched in November 2013 has performed well in a market that is smaller than originally expected. Betfair's total revenue in the first half of its fiscal year was £1.9 million ($2.98) million, giving it an 11% share of the casino market in October. 

While the online casino will continue in New Jersey, Betfair closed its New Jersey online poker site Dec. 1, reports USPoker.com.

Betfair recently entered into an agreement with Golden Nugget Casino, which will replace Trump Plaza as its land-based partner.