Betfair's U.S. revenues jump 29 percent

Revenue for Betfair’s U.S. operations, including Television Games Network, increased 29 percent in fiscal year 2015, according to financial documents released by the closely held publicly traded company on Wednesday.

Revenue from TVG and Betfair’s online casino in New Jersey jumped from $71.7 million in fiscal year 2014 to $92.3 million in fiscal year 2015, according to the documents. According to calculations based on figures contained in the documents, revenue from TVG alone was $84.0 million during the fiscal year, up 20 percent compared with revenue of $69.8 million in the previous fiscal year.

Betfair’s fiscal year ends on April 30. Overall, the company reported a total revenue jump of 21 percent, to $748.1 million, with net earnings of $135.6 million, up 69 percent.

During the fiscal year, Betfair reached a deal to buy up all the assets of its U.S. broadcasting competitor, HRTV, for an initial payment of $25.6 million. Ongoing payments to HRTV’s former owner, The Stronach Group, are expected to drive the total cost to $73.4 million over the next seven years, Betfair reported in its financial documents.

Although Betfair did not break out a net income figure for its U.S. operations, the company said earnings before interest, taxes, depreciation, and amortization, or EBITDA, was $7.6 million, up 140 percent for fiscal year 2015, compared with EBIDTA of $3.1 million in the previous fiscal year.

Betfair paid out $315.1 million to some of its equity partners during the year, according to the financial documents. The company’s gross profits for the fiscal year were $605.9 million.