This is all really puzzling.
Of course Betfair revenue is up, they are covering more races, trots and greyhounds than they ever have and added more inplay options on those races.
Then they have increased premium charges and levies.
Revenue is not profit.
Any company that reports revenue rise is playing smoke and mirrors to it's shareholders.

Revenue minus total expenses is profit.

Liquidity is down, both here and in the UK, the gaps between back and lay prices and market percentages in all but the last two minutes tell the story.

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