SBD Global/September 12, 2012/Finance

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  • Betfair Is Hit By A Slow Start To Its Football Betting Business, Blames Olympic Games

    Betfair has "blamed the attention surrounding the Olympic Games for a slow start to betting on the English football season," according to Christopher Thompson of the FINANCIAL TIMES. Betfair said that "net gaming revenues were down" 2% year-on-year in the second quarter to date. Betfair Finance Dir Stephen Morana said, "August was softer than we would have liked due to less interest in other sports and a slower start to the football season. [The Olympics] has detracted from other sports ... there’s been a natural cannibalisation [of business]." The company nevertheless said that "the greatest summer of sport" in the U.K. "helped drive first-quarter revenues up" 13% to £91.6M ($147.2M) in the three months to the end of July. Betfair announced that Morana "would leave the company once a successor had been found" (FINANCIAL TIMES, 9/11).

    Print | Tags: Finance, United Kingdom
  • Second Bundesliga Club VfL Bochum Releases Its '11-12 Financial Numbers, Loss Of $2.8M

    Second Bundesliga club VfL Bochum "released its financial numbers for the '11-12 fiscal year," in which it generated a €2.2M ($2.8M) loss, according to the SID. The club generated €27.4M ($35M) "in revenue" over the same time period. The loss in profits is "only slightly smaller" than the one during the '10-11 fiscal year. For the '12-13 season, the club "expects a third consecutive loss" of €888,000 ($1.1M). The VfL Bochum has accumulated €6.8M ($8.7M) in debt after two seasons in the 2nd Bundesliga. VfL Bochum Board Chair Hans-Peter Villis said, "Despite our high liabilities, the VfL has a good sporting and economic perspective" (SID, 9/11).

    Print | Tags: Finance, Europe
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