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192F6524-68E8-4B0b-86Ed-B3fff4e4fafe ABOUT BETFAIR Betfair Group plc Annual Report and Accounts 2015 ANNUAL REPORT AND ACCOUNTS 2015 WorldReginfo - 192f6524-68e8-4b0b-86ed-b3fff4e4fafe ABOUT BETFAIR Betfair is one of the largest online gambling operators in the UK, providing a wide range of sports betting and gaming products to over 1.7 million active customers in more than 100 countries. Betfair has long been a pioneer in the industry – launching its unique Betting Exchange in 2000 and following up with a range of innovative products and services that have redefined the sports betting landscape. Our strategy is to compete hard in regulated markets using distinctive products, attractive pricing, strong promotional activity and substantial marketing investment. Strategy pages 10–11 Risk pages 24–26 Business review pages 12–17 WorldReginfo - 192f6524-68e8-4b0b-86ed-b3fff4e4fafe Betfair Group plc Annual Report and Accounts 2015 01 IN THIS REPORT Betfair at a glance About Betfair IFC Betfair at a Glance 02 Our operating divisions Our Year in Review 04 Our international presence Chairman’s Statement 05 Operating responsibly The Betfair business model Business Model 06 The Betfair Difference 07 How we make money Who benefits from our value creation The Betfair difference An insight into our three strategic priorities: Chief Executive’s Review 08 Our Strategy and KPIs 10 1. 2. 3. Focus on sustainable Invest in our product Accelerate growth revenues and brand through international opportunities STRATEGIC REPORT STRATEGIC FY15 review Business Review Sports 12 Business Review Gaming 14 GROUP REVENUE ORDINARY DIVIDEND B SHARE DIVIDEND Business Review Betfair US 16 (£m) (per share) (per share) Financial Review 18 £476.5m 34.0 pence 189.0 pence +21% +70% Managing the risks to our long-term growth aspirations Understanding and Managing Our Principal Risks 22 Balancing Risks and Opportunities 24 Our approach to Corporate Responsibility Corporate Responsibility Report 27 1. 2. 3. 4. Best practice An engaged Contributions Commitment to in responsible workforce to charity the environment gambling GOVERNANCE Corporate governance at Betfair Board of Directors 34 Corporate Governance Statement 36 Nomination Committee Report 42 Audit Committee Report 43 Directors’ Remuneration Report 53 Directors’ Report 73 Statement of Directors’ Responsibilities 76 Financial statements and corporate information Independent Auditor’s Report 78 Consolidated Income Statement 81 Consolidated Statement of Comprehensive Income 82 Consolidated Balance Sheet 83 Consolidated Statement of Changes in Equity 84 Consolidated Statement of Cash Flow 85 Notes to the Financial Statements 86 Company Balance Sheet 118 Notes to the Company Financial Statements 119 Five-year Summary 121 Shareholder Information 122 For more information about the Group visit: Investor Relations 123 www.corporate.betfair.com CORPORATE INFORMATION CORPORATE FINANCIAL AND STATEMENTS WorldReginfo - 192f6524-68e8-4b0b-86ed-b3fff4e4fafe STRATEGIC REPORT BETFAIR AT A GLANCE GROUP FIGURES REVENUE (£m) SUSTAINABLE REVENUE MIX % UNDERLYING EBITDA £m 476.5 120.2 FY15 82% 387.0 393.6 91.1 73.3 FY14 78% +2% +21% FY13 72% +24% +32% FY13 FY14 FY15 FY13 FY14 FY15 OUR OPERATING DIVISIONS SPORTS GAMING BETFAIR US Principal activities Combining our unique Exchange A wide range of Gaming products TVG online horseracing wagering with a traditional Sportsbook, including Casino, Arcade, Poker, and online casino in New Jersey. enhanced by product features Exchange Games and Bingo. such as Cash Out and Price Rush. Revenue FY15 £328.0m £88.5m £58.8m +17% +34% +29% Share of Group revenue (%) 12% 19% 69% For more information For more information For more information see page 12 see page 14 see page 16 WorldReginfo - 192f6524-68e8-4b0b-86ed-b3fff4e4fafe Betfair Group plc Annual Report and Accounts 2015 02–03 OUR INTERNATIONAL PRESENCE Over 2,000 employees based across 13 offices in 8 territories 1. United Kingdom 5. Portugal 2. Ireland 6. Romania 1 3. Malta 7. Italy 2 4. Gibraltar 8. USA 6 7 5 8 3 4 REPORT STRATEGIC OPERATING RESPONSIBLY COMMITTED TO SPORT RESPONSIBLE GAMBLING CONTRIBUTIONS TO CHARITY • Betfair was the first (and remains the Betfair takes responsible gambling • Cash-4-Clubs – Betfair’s own sports only) bookmaker to have signed a seriously. Our policies include: funding scheme providing grants to commercial deal with British Racing; community sports clubs. • a monitoring programme to review GOVERNANCE worth at least £40m to the sport over customer traffic and transactions to • National Jockey Day – Betfair donated five years. identify changes in behaviour; £1 for every tweet that included the • Betfair has memoranda of hashtag #NationalJockeyDay to the • a responsible gambling microsite with understanding (MoUs) in place with Injured Jockeys Fund. tools for customers to manage their over 60 of the world’s largest sports betting activity and awareness tests • Back Yourself – Betfair offered a governing bodies with whom we share to understand when a problem might £20 free bet for London Marathon suspicious betting patterns and work be developing; runners: if they hit their target time to preserve the integrity of sport. the winnings went to the charity they • deposit limits, session timers and ran for, if they missed it the £20 reality checks for customers to better stake went to Cancer Research UK. manage their gambling activity; and • time out and self exclusion tools. For more information For more information For more information see page 29 see page 28 see page 32 CORPORATE INFORMATION CORPORATE FINANCIAL AND STATEMENTS WorldReginfo - 192f6524-68e8-4b0b-86ed-b3fff4e4fafe STRATEGIC REPORT OUR YEAR IN REVIEW JUNE / JULY 2014 World Cup £16m revenue 999/1 bet SEPTEMBER 2014 matched on Germany winning Scottish Referendum 7-1 against Brazil Over £21m traded Exchange called NOVEMBER 2014 80% chance of a NO vote National Jockey Day Popular charity initiative created in partnership with the Injured Jockeys Fund for the Betfair Chase Festival DECEMBER 2014 Betfair announced FEBRUARY 2015 a cash return of TAP TAP BOOM ad campaign launched £200m with taxi stunt across the capital - to shareholders highlighting the simplicity of betting with Betfair as well as the fun and excitement of our brand FEBRUARY 2015 US acquisition MARCH 2015 Betfair announced that it had acquired HRTV and entered Cheltenham Festival into a long-term content deal with the Stronach Group £160m traded across Exchange and Sportsbook MARCH 2015 Switching Saddles APRIL 2015 Launch of campaign with GB’s most successful Back yourself female Olympian, Victoria Betfair’s Marathon Pendleton, who is vying Betting App allowed to become a qualified customers to bet on amateur jockey riding at the themselves to hit their Cheltenham Festival in just target time, with the 12 months winnings going to the charity of their choice WorldReginfo - 192f6524-68e8-4b0b-86ed-b3fff4e4fafe Betfair Group plc Annual Report and Accounts 2015 04–05 CHAIRMAN’S STATEMENT Dear Shareholder Betfair now has a strategic presence in We support other grassroots sports Betfair has had an exciting year. several international regulated markets. through our Cash-4-Clubs programme and Our management team has successfully In the US, our TVG horseracing business other exciting charity projects which are executed our strategy and the subsequent has continued to take market share and covered on page 32 of this report. results demonstrate strong returns on the its acquisition of the HRTV network in Return of cash and dividend investments we have made. February 2015 leaves it well positioned Betfair is a highly cash generative business to continue this trend. In Italy, we Betfair has always offered a unique sports and accordingly built up a considerable have launched a combined Exchange- betting experience. Crucially, this is now cash balance. The Board continually Sportsbook-Casino site, although it being presented and marketed more assesses Betfair’s balance sheet and during remains too early to determine the size of effectively and the momentum in terms of the year returned £199.7m of cash to this opportunity. customer numbers and revenues is clear. shareholders, in addition to the full year Responsibility dividend of 34.0 pence per share, whilst Financial performance Whilst parts of Betfair have changed also signalling a target of a 50% dividend Revenue increased by 21% to £476.5m significantly in recent years, the spirit of payout ratio in the medium term. (FY14: £393.6m) with EBITDA up 32% to the Company remains true to its origins. £120.2m (FY14: £91.1m). This represents At the same time, it was considered Betfair has always been proud to be an excellent performance, particularly important to retain strategic flexibility to different; we know that being socially given the introduction of the point of take advantage of any opportunities arising responsible is critical to our business and it consumption (POC) tax in the UK from in this dynamic industry. Betfair finished remains central to everything we do. December 2014. the year with a very healthy balance sheet, REPORT STRATEGIC Customers must be able to play in a safe with cash of £105.1m and no debt. Strategy and enjoyable environment. Without this Betfair’s strategy for growth has been Finally, I would like to take this opportunity trust, our business could not thrive. To this to focus on regulated markets, develop to thank the management and employees. end we continue to update our responsible our products and brand so that they What they have achieved in the last two gambling tools
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