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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/betfair-braced-for-weather-hit.jpg"><img class="alignnone size-full" title="Betfair said cancelled race meetings in the current quarter would moderate growth rates" src="http://londonglossy.com/wp-content/uploads/2010/12/min-betfair-braced-for-weather-hit.jpg" alt="Betfair said cancelled race meetings in the current quarter would moderate growth rates"/></a></p>
<p>Gambling firm Betfair has continued its poor run of form on the stock market after it revealed revenues would be hit by the big freeze.</p>
<p>In its first set of results as a public-listed company, Betfair said cancelled race meetings in the current quarter would moderate growth rates, despite a strong overall trend led by its core sport of football.</p>
<p>The firm&#8217;s shares fell by 10% and have declined around 34% since it floated on the stock market in October, even though it has said it remained confident it will achieve full-year earnings in line with its expectations.</p>
<p>The company posted a 12% decline in pre-tax profits to £6.8 million in the six months to October 31, after costs associated with its listing were deducted. Revenues, driven by increased betting during the World Cup, were up 27% at £213.3 million.</p>
<p>Betfair claims to be one of the world&#8217;s largest online sports betting operators, with more than 3 million registered users.</p>
<p>It acts as a betting exchange, matching individual betters to each other. Users can choose the odds at which they want to place a bet, while they can also bet both that an outcome will happen and that it will not happen.</p>
<p>The results were slightly below consensus forecasts, analysts said.</p>
<p>Chief executive David Yu said: &#8220;Trading in the third quarter began on a stronger overall trend than the second quarter in sports, again led by football.</p>
<p>&#8220;Recent weather conditions in the UK and Ireland, however, caused a number of race meeting cancellations, moderating overall growth rates in the quarter to date.&#8221;</p>
<p>The company said it planned to &#8220;address challenges&#8221; in racing and poker, which has also been struggling recently, with product enhancements and new initiatives.</p>
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