Online betting and gaming operator Betfair has said that over £1bn worth of bets were placed via the company’s mobile products in the last financial year.
In its full year results, the Betting Exchange saw 168,000 people using their mobiles to place a bet in the last year – a year-on-year increase of 122%.
The company said that revenues from mobile products jumped 88% in the last financial year which saw over 900 million bets on the Betfair Exchange.
Betting increased because of major events such as the Cheltenham Festival and the Football and Cricket World Cups.
The company has first-to-market applications for both the iPhone and iPad, which have been downloaded over 200,000 times, said Betfair. The company also offers HTML-5 Web based applications for Android phones and the new Racing on Your Mobile application, powered by Timeform.
Betfair enables third-party developers to build their own mobile products off of the Betfair Exchange through its API (Application Programming Interface) as well. Betfair offers mobile developers a new revenue-share deal in March which sees 5% of the revenue generated through applications returned to the developers, said the company.
Betfair VP of Mobile Engineering Raj Vemulapalli said developing new betting methods and experiences for the customers who wish to access Betfair through their mobile phones is a key priority of the business.
"The surge in global smartphone sales represents a significant opportunity for us, and we’re confident that our track-record of delivering cutting-edge technology for our customers will enable us to capitalise on this trend," Vemulapalli said.
