06/11/2014 9:00AM

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.