Technology investment central to online gaming firm's £182m revenues

Increased technology investment by online gambling firm Betfair is central to its strong revenue growth.

Financial results published today show annual income up 30 per cent to £182m, helped by a the firm's strategic technology investment that doubled product-development capacity and expanded its IT department to more than 300 people.

It has been a very exciting year during which significant steps have been taken towards transforming Betfair from a mainly UK-based betting exchange to the world’s leading legal e-gaming site, said Betfair, chief executive officer David Yu.

“We are already seeing the benefits from the strategic investments that we have made in our business,” said Yu.

The site's number of active users increased 57 per cent on last year to 443,300, with a total number of registered customers now in excess of 1million. Betfair’s technology platform processes up to five million transactions a day which is more than all European stock markets combined.