Betfair benefits from cost-cutting

Betfair is starting to reap the benefits of cost-cutting and its focus on attracting more punters in well regulated betting markets such as Britain and Ireland, the online gambling company said yesterday.

The company has been forced to defend its strategy after rejecting a £1bn takeover by private equity firm CVC Capital Partners in May.

First quarter revenues fell 13% to £90.4m in the three months to the end of July, reflecting a decision to pull out of markets including Greece, Germany, Cyprus and Spain, where regulatory risks or tax hurdles were too high.