09/04/2014 3:00PM

Betfair revenue up 14 percent over previous year


Betfair U.S., the division of the international bet-exchange company that includes Television Games Network, had net revenue of $23.3 million in the first quarter of the company’s fiscal year, up 14 percent compared to the first quarter of the previous fiscal year, according to financial statements released Thursday by Betfair.

In a release, Betfair said wagering through TVG was up 18 percent in the quarter compared to the first quarter of the previous fiscal year, driven in part by a “strong performance” from the launch of a mobile betting app for Apple products. TVG is the second-largest account-wagering operation in the U.S. behind twinspires.com.

The Betfair U.S. division also includes revenue from an Internet casino the company launched six months ago in New Jersey. New Jersey is one of the few states to allow casino-type gambling over the Internet.

For the quarter, Betfair reported overall net revenue of $192.4 million, up 30 percent, according to the financial statements. Revenue growth largely was associated with the World Cup, the international soccer tournament hosted this year in Brazil.