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Stakes rise for Paddy Power

Padd

PaddyPower
y Power has enjoyed a significant increase in sportsbook stakes for the second half of 2015 to date.

Group sportsbook wagers rose 19% on a constant currency basis for the period 1 July-15 November, including a 23% upturn in online sports-betting stakes.

Excluding Australia, online sportsbook amounts wagered improved 8%, while UK retail and Irish retail saw respective upturns of 5% and 8% on a like-for-like basis.

Comparing the post-World Cup period of 14 July-15 November, total group sportsbook amounts staked were up 22%.

Meanwhile group net revenue increased 6% year-on-year, including an online net revenue rise of 7%.

Total online net revenue consisted of a 9% decrease in non-Australian markets, with Australia recording a 32% rise.

UK retail net revenue remained unchanged, while Irish retail net revenue was up 4%, both on a like-for-like basis.

In the post-World Cup period, total group net revenue improved 9%.

The Irish operator said: "Following on from a very strong first half performance, trading in the period has been in line with our expectations.

"While sports results in the period were unfavourable across the sector, for Paddy Power this has been offset by strong underlying growth.

"Accordingly, the Board continues to expect full year 2015 reported operating profit to be a mid to high single digit percentage increase above 2014."

As of 15 November, Paddy Power had net debt of €96m – which is 0.5 times its 2014 EBITDA – excluding customer balances.

Regarding its recommended merger with online exchange Betfair, Paddy Power said: "Relevant filings have been submitted to applicable regulators and we expect to publish shareholder documentation in the coming weeks."
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