06/11/2014 8:00AM

TVG helps boost Betfair U.S. revenue

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Revenue for Betfair U.S., which includes Television Games Network and an on-line casino in New Jersey, was up 20 percent in fiscal year 2014, according to its parent company, with handle at TVG up 33 percent during the year.

The U.S. operations results were part of a sharp turnaround for the parent company, Betfair, which derives the majority of its revenue from its exchange-wagering site. The parent company had net income of $85.6 million in the fiscal year, which ended April 30, compared to a net loss of $75.9 million last year (all dollar amounts converted from British pounds using the current conversion rate), according to financial documents released on Wednesday.

Revenue for the parent company was $660.9 million during the fiscal year, compared to revenue of $649.8 million in fiscal year 2013. Betfair sharply reduced its work force during the year and has been pulling back from jurisdictions that it does not considerable “sustainable” because of poor results or regulatory hurdles.

Betfair U.S. had revenue of $76.7 million during fiscal year 2014, up from revenue of $63.8 million in the fiscal year prior. The handle gain of 33 percent during the fiscal year was partially due to TVG taking over all account-wagering operations in New Jersey.

Also during the fiscal year, Betfair U.S. opened an on-line casino in New Jersey, in late November. Results for all on-line casino operations in the state have fallen far short of expectations, and Betfair said that revenue for its own site was $3 million over the four months included in the fiscal year.

Cold More than 1 year ago
TVG is brutal..The only days I can bear to watch is Monday, Tuesdays when they have no hosts and play background music between races which is excellent! The hosts for most part are all clowns Paul and Hymie are only ones that are not...Gino needs to try a little harder LOL....Oh and I love it when they talk right up to post time and go to live feed as last horse is entering gate....HRTV is the best Aaron is best long handicapper hands down! They are all very professional over at HRTV.
Matt Banchero More than 1 year ago
Jaime
Anne Baxter More than 1 year ago
Best job in the world for degenerate gambler types. Don't be haters.
Matt Banchero More than 1 year ago
I like Tvg....most of the on air personalities are good at their respective jobs....I take their picks with a grain of salt as I would rather wager my money based on my own opinions but they are entertaining and keep the show loose and informative... How could you not like "Sarge" losing his on air wager to Mike Joyce and eating horse cookies!
mikey More than 1 year ago
Again the casino saves racing.TVG can let go of a few more of the idot's they have ie TODD,PAUL SIMON.
D'Funnybone More than 1 year ago
Couldn't agree with you more. Schrupp is a shill, and no one I know can stand to listen to him. I refuse to wager through TVG until Schrupp is dismissed from his duties.