The scaling back of Betfair's operations in certain European markets, combined with a strong comparable period last year, has led to a 13 per cent fall in revenue for the company's financial first quarter ended July 31st.

Betfair's decision to exit or reduce its product offering as a result of regulatory changes in certain markets, primarily Cyprus, Germany, Greece and Spain, together with a positive contribution from the Euro 2012 football tournament in the comparable period last year, meant that revenue in the period fell by 13 per cent to £90.4m.

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