Betfair Australia is a 50:50 joint venture between Betfair and Crown Limited. Net revenue was up 13% in the year, driven by a 23% increase in Australian racing revenues. Following the decision of certain states to implement turnover-based race field fees, Betfair Australia increased the base rate of commission from 5% to 6.5% on Australian horseracing. This change in pricing structure was the driver of the increase in horseracing revenue. The revenue growth, however, was insufficient to cover the increased race field fees and our share of underlying operating profits reduced to £1.4m (FY12: £2.4m).