Sports revenue drives growth for Paddy Power Betfair

Overall revenue for the three months through to September 30 was £440m (€502.7m/$584.7m), up 9% on last year.

Sportsbook revenue increased by 11% year-on-year to £360m, while sports stakes also climbed by 18% to £2.86m.

Group’s gaming revenue soared by 2% year-on-year to £90m, and although the company noted a 3% online revenue decline to £216m, retail revenue was up 12% to £85m.

EBITDA came in at £121m, up 7% on the previous year. Underlying operating profit also increased 5% year-on-year to £101m.

Paddy Power Betfair highlighted the performance of its international businesses during the third quarter, with both its Australia and US divisions reporting year-on-year revenue growth.

In Australia, revenue increased by 35% to £111m, while in the US, revenue was up by 18% to £28m.

Breon Corcoran, current chief executive of Paddy Power Betfair, said, “Q3 was an encouraging quarter for Paddy Power Betfair, with good stakes growth despite the absence of a major football tournament.

“Our international businesses performed particularly well; in Australia, the winning combination of innovative product and marketing excellence continued to deliver exceptional results, with revenue up 29% while US revenue was up 18%.

“Paddy Power retail also continues to outperform the market through its sports-led proposition and is well positioned to respond to regulatory changes.

“The integration of our technology platforms is nearing completion, and in 2018 customers will start to benefit from an increased pace of new product delivery across our Betfair and Paddy Power brands.”