Monday 14 October 2019

Paddy Power revenues up 20pc in first quarter

Peter Flanagan

BOOKMAKER Paddy Power said revenues increased by as much as fifth in the first quarter of this year, as online betting continued to surge.

In an interim management statement, Paddy Power said online revenue had risen 29pc so far this year, while instore betting rose 8pc.

It said its Irish retail operations performed well with like for like stakes up 3pc, although revenue declined due to a return to what the company called ''normal sporting results''.

Company chairman Nigel Northridge said last year’s strong performance had continued into 2013.

“Sports results have been favourable overall, with the group’s sportsbook gross win percentage above our normal expectations and above the equivalent period last year, notwithstanding a record number of Irish trained winners at Cheltenham.

“Within online, net revenue has grown by 30pc in outside of Australia. This was driven by continued strong growth in online active customers of 33pc. The strengths of that business is being complemented by leading positions in mobile betting, with that component of revenue up 112pc to an industry leading 42pc of total online revenue.

The Board looks forward to the remainder of 2013 with confidence given the strong momentum in the business and substantial ongoing investment.”

Shares fell 1pc in early trading this morning, at €67 a piece.

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