BETFAIR’S new boss set out his plan to reverse a slide in profits after admitting its rivals had stolen a march on the online bookmaker.

Breon Corcoran, who joined the company from Paddy Power in August, said the company had become too focused on international markets, where it had suffered a number of setbacks in recent months due to increased regulation.

It will now ramp up UK marketing and cut group costs by £20m a year after half-year profits fell by 22% to £21m.