Betfair Share Price Rises As Expansion Planned
The share price of online gambling giant Betfair rose nearly 4 per cent yesterday following its recently released announcement of its latest earning figures. Despite a fall in revenue the last six month’s profit were up over year on year and exceeded analysts’ forecasts, providing some welcome news to Betfair shareholders. The expected hike in dividend payments will be even better received.
Betfair, famed for its peer to peer betting exchange, went public back in 2010 but its share price has fallen since then and the company had appeared to be stagnating. It now appears the strategies being employed by the CEO Breon Corcoran are having the desired effect. These latest figures should take some of the pressure off Corcoran, who has been forced to defend some his strategies following the rejection of a proposed $1 billion takeover earlier this year.
Several key decisions have been taken in recent months, including significant cost cutting. Betfair has pulled out of a number of markets with unfavorable regulation and also started expand its traditional sports betting alongside its popular betting exchange. Perhaps the most significant contributing factor to the share price increase was the company’s plans to invest heavily in the regulated markets in America and Italy.
Betfair has been approved by regulators in the state of New Jersey, where regulated online gambling has just started, and is also seeking to launch a new betting exchange in Italy. If both these ventures turn out to be successful then Betfair shareholders will no doubt have even more to be happy about.
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