Betfair has reported that annual revenue increased by 27 per cent during the year ending 30 April 2009 following the success of the online betting company's three-year investment strategy.

Revenues from the company's sports business went up by 20 per cent compared with 2008, which has helped to establish Betfair as one of the largest online sports operators in Europe. Meanwhile, the lifting of advertising regulations in Australia contributed to a 40 per cent growth in the Australian market. The number of active users also went up by a quarter during the 12-month period, with Betfair attributing the increase in new customers to a full calendar of sporting events and the security of its ring-fenced user accounts, which currently contain £240m in deposits.

David Yu, Betfair chief executive officer, said: "We have stayed on the path of sustainable long-term growth, even in recession. Our relentless focus on value for the customer, our substantial investments in technology and the importance we place on regulatory affairs means that the business is well positioned for a leading role globally." Stephen Morana, the company's chief financial officer, added: "We believe our strong balance sheet, with no debt, makes us very well positioned to take advantage of further opportunities as they arise, in particular our US venture and planning towards World Cup 2010."