Wednesday 21 August 2019

Winner alright: Revenue jumps 17pc at Paddy Power Betfair

Ellie Donnelly

Ellie Donnelly

Revenue at gambling giant Paddy Power Betfair jumped 17pc to £478m (€556m) in the three months to 31 March.

The performance was driven by "excellent" growth in both Australia and the US, the group said in a trading update.

Peter Jackson, CEO of Paddy Power Betfair, said: "Q1 was a good quarter for the group with revenues up 17pc, notwithstanding customer friendly sports results in the UK."

"Underlying momentum remains good for Paddy Power with 22pc growth in average daily actives. For Betfair, we continue to make good progress on the technology development work to enhance our global customer propositions which will enable us to accelerate international growth."

In Australia revenue increased 20pc to £96m (€112m), driven by continued good underlying customer activity with 17pc growth in stakes.

Meanwhile, in the US revenue increased 47pc.

Total sports betting stakes in the US during the first three months of the year were $598m (€533m), on which the company generated gross revenue of $33m (€29m), more than double the revenue generated in the fourth quarter of 2018.

Elsewhere, and revenue from retail was down 2pc to £77m (€90m), with 2pc machine gaming growth offset by a 5pc decrease in sports revenues.

The group’s online revenue increased by 4pc in the three month period.

Paddy Power Betfair no longer reports earnings on a quarterly basis.

Online Editors

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