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Betfair's Third Quarter Results Boosted By Australian Open

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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