Bad Times For Betfair as Online Poker Revenue Plummets
The latest set of financial results published by Betfair PLC today has revealed that the site’s poker revenue has plummeted since their switch to the Ongame network.
The results for the six months from May to October 2010 saw a decline in earnings from both poker and horse-racing, and although a full breakdown of figures has not been forthcoming, the company did release a statement describing the size of its fall.
“Games growth has strengthened but poker has continued to show significant year-on-year declines following its migration to the Ongame network,” the statement read. “In the second half we will continue to improve our customer offering and address challenges in poker with a number of product enhancements and initiatives”.
However, it should be noted that the company’s overall growth has still risen – albeit not by the margin that they would have liked – by 27 percent to $213.3 million in the same period, with the rise being largely the product of some “robust performances in football, other sports and skill games” across the entire Betfair network.