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).