Online gambling company Betfair raised its full-year profit forecast range today after trading remained strong following a better than expected third-quarter, sending its shares sharply higher.
The company runs an exchange that allows gamblers to bet against each other.
It said today its revenue jumped 20% in the three months to January 31.
Investment in products and marketing helped increase active customer numbers by half in its core markets, with sports and gaming income up strongly.
Third-quarter core earnings rose 17% to £23.6m, 36% ahead of analysts' average forecast of £17.4m. The rise came despite a £7m hit from a new UK tax on profits from bets made by its British-based customers.
Its shares, up 60% in a year, rose over 10% as Betfair said 2014-15 core profit would be between £113-118m, up from a previous range of £97-103m.
While traditional bookmakers such as William Hill and Ladbrokes have been hurt by regulatory and gaming machine issues, Betfair's lack of retail outlets means it is relatively unscathed.
Like all rivals it does have to contend with new online taxes, however.
Betfair said momentum had continued into its fourth quarter, which includes the key Cheltenham horse racing festival, and expected record levels of betting on the UK general election.
