Betfair has achieved significant savings as part of a response to a six per cent fall in overall revenues.

The betting company has reduced internal development funding in 2013 by 76 per cent, a total of £7.8 million, compared to 2012, as the company’s mobile channel revenues dropped by 12 million to £188 million.

The company has also carried out job cuts of around 23 per cent between the 1st half of 2013 and the second half of 2013, outsourcing services to Europe in order to increase savings.

Betfair said that: “Technology costs before capitalisation of internal development expenditure were down 21 percent on the prior year following headcount reductions, a shift of development activity to Romania and Portugal and savings from external suppliers”.

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