Paddy Power Betfair positioned for further growth following successful Q3

Betting Business Paddy Power Betfair Financial
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Paddy Power Betfair announces Q3 update with strong results across online and sports revenue.

 

[dropcap]P[/dropcap]addy Power Betfair Plc recorded significant growth during the three month period ending September 30, 2016 (Q3) with particular growth driven by online and sportsbook revenue.

The merged businesses announced total revenues up 25 percent with a marked increase in online revenues of 20 percent, including a 26 percent growth in sportsbook revenue and a 15 percent rise in exchange revenue.

Online revenue saw specific growth in relation to the Euro 2016 football tournament and other positive sports results during the quarter driven by a boost in revenue from high value customers.

Work is underway to combine the best of Betfair and Paddy Power’s technology into a multi-brand, multi-channel, multi-jurisdictional platform that will start to unlock the full potential of the Group’s scale and will lead to increased pace of development and faster roll out of new products.

 

Q3’s revenue increase bolsters the Group’s overall trading results for the year and has raised Paddy Power Betfair’s EBITDA predictions for proforma underlying EBITDA for the year to between £390m and £405m.

Breon Corcoran, Chief Executive, commented: “This was another good quarter for Paddy Power Betfair. We are continuing to focus on building a stronger combined operation by exploiting the unique assets and capabilities of each legacy business, and on using our scale to better serve our customers.

“Work is underway to combine the best of Betfair and Paddy Power’s technology into a multi-brand, multi-channel, multi-jurisdictional platform that will start to unlock the full potential of the Group’s scale and will lead to increased pace of development and faster roll out of new products.”


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