Betfair chief executive Breon Corcoran has said that strong growth underpinned by product innovation and investment in marketing will help offset the impact of the impending 15 per cent point of consumption tax in its core UK market.

Speaking after the publication of the company’s results for the fiscal first quarter, Corcoran said that Betfair’s product innovations, such as its rapid withdrawal Cash Out and Price Rush odds-matching features,  coupled with a new brand campaign launched ahead of the summer’s World Cup, had helped drive a 30 per cent increase in net gaming revenue.

With UK point of consumption tax set to come into force in December, Corcoran said he was “delighted” with the progress the business had made over the past few months, adding that this growth will help offset the new tax liability.

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