Betfair's Third Quarter Results Boosted By Australian Open

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Online betting exchange Betfair released its third quarter financial results today with revenues being boosted by the Australian Open tennis tournament.

Over the third quarter Betfair saw an 11% increase in revenue with the Australian Open playing a major role in the revenue growth, as punters placed more than £50 million in bets.

"We had our best ever Australian Open, which culminated in almost 50 million pounds ($79 million) of bets being placed in the final." Betfair Acting CEO Stephen Morana said in a statement.

The company's revenue of £85.3 million beat the projected Reuters forecast of £84.8 million.

On Tuesday Betfair also announced that company founder Ed Wray would step aside as Chairman and would be replaced by Gerald Corbett.

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