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The latest casino news and Betfair

By admin on 2014-06-28 10:01:28

One of the many online gambling companies to be actively targeting the expected £1 biilion in wagers on the football world cup in Brazil is Betfair, so this month we have decided to focus on Betfair for our Irish casino news feature here at onlinecasino.ie. Betfair is one of the major online casino and sports betting operators in Ireland and the UK, plus interests in Australia, Italy and New Jersey in America as well as some currently unregulated jurisdictions including Portugal and Russia. Their marketing approach to the world cup is somewhat unusual in that their ads feature a giant octopus with a talent for table tennis and able to play four matches at once, an interesting concept when attempting to persuade football fans to part with their money. Irishman Breon Corcoran, Betfair’s chief executive also claims to have backed England at 30/1, not a particularly good bet as it turned out, but he was able to report a better than expected 61% leap in underlying pre-tax profits for the year to April and a 2% increase in Group revenues so Betfair’s shareholders are likely to forgive his somewhat optimistic gambling prowess. Betfair are currently sitting on a cash pile of approx. £210 million but Mr Corcoran appears to be in no hurry to spend it, preferring to wait and see what effect the proposed new UK tax regime for online casino operators and online bookmakers may have on the company and their rivals. Having turned down a £1 billion bid from CVC Capital Partners last year, Mr Corcoran and the board of Betfair appear to have been proved right and with the current share price above £10 per share against the maximum bid price of 950 pence their shareholders should be relatively happy.