Paddy Power Betfair Q3 revenue rises by 9% to £440m

Paddy Power Betfair Q3 revenue rises by 9% to £440m”

Paddy Power Betfair has reported rising third quarter sales and earnings as the group was helped by punters betting big on the Mayweather-McGregor fight.

Overall revenue for the three months through to September 30 came in at £440m (€502.7m/$584.7m), which represents an increase of 9% on the corresponding quarter previous year. Revenue for the betting company rose 9% compared to £440 million, and 8% on a constant current basis, mainly driven by 11% growth in sports revenue, which were in line with their expectations.

This more than counteracted the 3pc drop to £216m within its online division for the period, which was partly caused by the comparable period benefiting by £16m from the final stages of the Euro 2016 football championships.

"Q3 was an encouraging quarter for Paddy Power Betfair, with good stakes growth despite the absence of a major football tournament", said Breon Corcoran, who is due to step down as chief executive in the new year. It now expects full year underlying EBITDA to be between £450 million and £465 million.

"Our global 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 United States revenue was up 18%".

The Paddy Power Betfair PLC (LON:PPB) (PPB.L) share price has gained around 4% today after it released a Q3 trading update.

That strength was partly driven by its Australian and United States divisions, where revenues rose 29 per cent and 18 per cent respectively. In Australia, the winning combination of innovative product and marketing excellence continued to deliver exceptional results, with revenue up 29 per cent, while U.S. revenue was up 18 per cent.

Paddy Power Betfair also paid tribute to the performance of its worldwide businesses during the third quarter, with both its Australia and USA divisions posting year-on-year revenue growth.

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