Reuters – Online betting exchange Betfair said it was looking to expand in Italy and the United States after reporting a 16 percent rise in underlying profit in the first six months of its financial year. Revenues fell six percent to 188 million pounds ($308 million) in the period to the end of October, but underlying earnings before interest, tax, depreciation and amortisation (EBITDA) increased to 48.9 million pounds. Both figures were just ahead of analysts’ average forecasts. Betfair has been slimming down its operations and cutting costs under new chief executive Breon Corcoran, seeking to focus on fewer markets…