betfair

Clients Fume as Betfair and Paddy Power Betting Sites Crash

Posted by Craig Gustling on in Blog, Local, News, UK Today / 0 Comment

Millions panic over their betting accounts as Betfair and Paddy Power website crash. The two betting companies’ sites experienced technical hitches. Clients who could not use the sites complained about the issue on Twitter.

 

A message posted on the Betfair site apologized for experiencing technical issues with their website. The message further notified clients that the company was working to resolve the issue. A client tweeted to Paddy Power that he was unable to access his account and inquired how long it would take to resolve the issue.

 

Another one wanted an answer as to when the website and the app would resume functioning. The two giant Betting firms have now confirmed that their sites are functioning as usual. A Betfair spokesperson tweeted that the site was up and running smoothly. The spokesperson further apologized for any inconveniences caused.

 

A different tweet not only apologized to the clients for the crash, but it also explained that the firm would not be held liable for bets that would have been placed by customers at the time of the website crash. Likewise, Paddy Power took the same bold initiative on Twitter to affirm that they were aware of the technical glitches affecting their site.“We are doing our best to make sure things are back to normal with our site; we will update you on our progress.”They later confirmed that their site was up and running.

 

The tweet sincerely apologized to their clients for the inconvenience caused by the technical glitch. A Paddy client was bold enough to ask for €1000 free bet just before the crash after noticing some issues with the betting site. Betfair also wrote that they were experiencing issues with their website across all their products.“The issue is currently being looked into. We will rectify it as soon as we can. We apologize for the inconveniences caused by the technical glitch. Betfair and Paddy Power merged in September 2015 after agreeing to their terms of operation. The result of the merge was that Paddy Power shareholders would own 52% of the business and Belair shareholders would own 48% of the company. The merger was officially completed in February 2016.

 

Two months later, in April, the firm made a shocking announcement about the loss of 650 jobs both in Ireland and the United Kingdom. The firm, currently with a different face, is among the businesses listed on the London Stock Exchange. It still maintains distinct and separate brands in Italy, the UK, and Ireland. At the moment, its operations cut across four divisions: retail, online, the United States and Australia.

 

The online sector comprises Ireland’s and UK’s Betfair and Paddy Power. Betfair’s operations include an online betting exchange. The two firms combined to operate over 600 street retail shops in Ireland and the United Kingdom. Last year, the firm’s revenue grew by 13% from the previous year to a whopping €1.745 billion. At the same time, the operating profit went up by 19% to €393 million. The figures were made public in March. At the same time, the firm announced that Europe’s platform integration was successful by January 2018 and is now focused on evolving customer-facing products.

 

The firm further announced that it would invest an extra €20 million in customer propositions and market this year to boost their brand in the United Kingdom and the Betfair brand in the global markets.

Wagering Sports Betting Causes Optimism to Giant Gambling Firm

Posted by Maven Porter on in Blog, Local, News, UK Today / 0 Comment

Paddy power Betfair has scaled its revenue up to a tune of 7 percent reaching to 867 million pounds in a bare six months ending at June 30th. According to interim results, the gambling giant registered underlying earnings of 217 million pounds in constant currency terms scaling up by 1 percent.

 

Before tax, profits were up by 4 percent reaching 106 million pounds in the half year period. The CEO affirmed that the firm had made significant milestones against its strategic priorities. He further added that trading through the second quarter was good and the firm boasted of busy and successful months. He, however, confirmed that the double-digit growth was as a result of contributions from all brands and the various firm’s operating divisions.

 

Individually, different operating divisions showed a correlation in individual revenue increase with Australia registering a 19 percent increase and the United States 20 percent, all during the second quarter. This was despite the headwinds experienced in both the US and Australia. However, the gambling giant disappointed investors as it missed its projected six months revenue growth. Alistair Ross, an analyst at Investec, termed the performance as a ‘’solid miss’’.

 

Talking to the FTSE, the firm’s CEO claimed that the full-year projection was partly influenced by changes in the tax regime changes effected in Australia as well as the 770 million dollar takeover deal with US sports company FanDuel.

 

Despite missing the half year 9.9 percent revenue projection by a big lag, the firm managed a 13 percent increase in revenue in the second quarter. According to Ed Monk, a director at Fidelity Personal Investing, Paddy Power Betfair is bound to gain from the already opening betting markets in the United States. He further affirmed that through its expansion of FanDuel site, pricing of shares rose and investors now expect to realize a rise in operational performance and subsequent growth in the market share onwards.

 

Experts in the firm have further given an expectation that the earnings before interest, taxation, depreciation, and amortization should lie between 460 million pounds and 480 million pounds prior to the impact caused of US betting. This is as a result of a recent reflection in the trading stance with an overwhelming anticipated performance in gaming. This is after an offset by prolonged weakness in horse racing revenues, Australian taxes impact, and an increase in product fee as well as the addition of the FanDuel fantasy sports in the firm’s operation.

 

Looking at the agreement between Paddy Power Betfair and FanDuel in July, the gambling giant is expected to offer more daily fantasy games-which will open the market enormously. The firm’s CEO affirmed. He continued to assert that FanDuel has created a large online business portfolio after entering an agreement with Boyd Gaming. The firm is expected to cover an extensive national stretch including New Jersey. This was possible after a Supreme Court ruling allowing individual states to come up with their own independent betting laws. Additionally, the CEO has confirmed that the firm is now better-positioned in-terms of visibility and regulatory of fiscal changes stretching across the UK, US, and Australia. In this respect, the company is expected to build a sustainable business position that will guarantee shareholders good returns over a long time.

 

According to the company, the key ways of surviving the wagering market in the US is by ensuring brand recognition from the widely stretched customer base, ensuring market access and investing substantially in the operating capabilities of the firm. It is important to note that significant optimism has been realized by the company owing to the largely wagering sports markets in the US.