23-08-2007 Betfair Australia lost $4 million in its first year of operation

Betfair's Australian partner Publishing and Broadcasting Limited said the business continues to build critical mass.

In other news, Australia's largest gambling operator Tabcorp said its full-year net profit fell 3.8 per cent to A$515.6 million as each of its three divisions - casinos, wagering and gaming - performed below expectations.

"Tabcorp is a solid business we can run much better," reads the annual report, which also claims its TAB operation has 62 per cent of the totalisator market in Australia and TAB Sportsbet increased its sales by 24 per cent excluding the soccer World Cup.