Investors in Betfair, one of the most popular sportsbetting and online casino ventures online, were understandably jubilant following the announcement of the firm’s recent results. According to Betfair’s figures, 2006 saw revenue grow 36 percent to 145 million pounds sterling, while pre-tax profits reached 38 million from 23 million last year.
In addition, the sports betting giant finished 2006 with a huge cash reserve of 142 million pound sterling. Last year’s cash reserve figure was 52 million. The firm’s net assets also increased to 130 million pounds from last year’s 48 million.
Growth in all sectors increased significantly. The number of regular users reached 160,000 compared to 95,000 registered in 2005, with approximately 11 million bets being processed by Betfair’s operations each day. More than two million pounds were deposited daily. The most prolific period was over the time of the football World Cup, which generated 11 million bets alone.
As a result of all this phenomenal growth, Betfair’s operations have expanded to provide betting services in 18 languages. The firm has also focused heavily on growing its business in new markets with over 50 percent of new memberships being generated from outside the United Kingdom. Unlike most other major sports betting firms, Betfair has never relied on the lucrative U.S. market for its profits and has traditionally tailored its services for the British and European betting markets.
Over 900 people are employed by the firm across in offices situated in Tasmania, Malta, Denmark and London.

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