Epic tennis battle boosts Betfair
Wednesday 07 March 2012
The betting exchange Betfair took a massive £50m in bets on the epic see-saw tennis clash between Novak Djokovic and Rafael Nadal in January's Australian Open final, the firm said yesterday.
The match – eventually won by Djokovic over five gripping sets – saw the favourite change 55 times, according to the group's chief financial officer and interim chief executive, Stephen Morana. "We can't make sport like that, it just happens. It was just one of those amazing sporting moments," he said.
The interest helped the company to record an 11 per cent rise in revenues in the third quarter to £85.3m, with Betfair also enjoying a rise in mobile phone betting as the firm seeks to put a difficult period since its October 2010 flotation behind it.
Shares are still languishing a third below Betfair's £13 launch price, closing yesterday 4p lower at 881p. The group has been hit by a string of senior departures over the past 18 months – including former chief executive David Yu – and had the payment card details of 2.3 million customers stolen by cyber-criminals.
Mr Morana said: "We had a tough time post-IPO, I can't deny that. But the fundamentals of the business have never gone away."
- 1 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 4 The biggest first date turnoff has been revealed
- 5 German man found living with 300 rats in tiny apartment
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Budget 2015: George Osborne to axe subsidies for higher income earners in social housing
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...