Paddy Power Betfair raises full year profit guidance following successful Q3

asing its trading update for Q3 2016, Paddy Power Betfair has reported a 25% increase in revenue year-on-year, rising to £404m.

The group linked this increase to growth in sports betting, with a 26% increase in sportsbook stakes contributed to by a strong conclusion to UEFA Euro 2016.

Online revenue climbed to £222m, an increase of 20%, while the group’s revenue in Australia grew by 21%, to a total of £82m.

Total net revenue for the group’s retail division stands at £76m for Q3, a year-on-year rise of 19%.

Underlying EBITDA was reported at £113m, representing growth of 53% compared to the same period in 2015.

The results in the report have been presented as though Paddy Power and Betfair had been a merged entity in the three months to September 30 2015, the pair having completed their merger in February 2016.

Breon Corcoran, Chief Executive of Paddy Power Betfair, said: “This was another good quarter for Paddy Power Betfair. We are continuing to focus on building a stronger combined operation by exploiting the unique assets and capabilities of each legacy business, and on using our scale to better serve our customers.

“Work is underway to combine the best of Betfair and Paddy Power’s technology into a multi-brand, multi-channel, multi-jurisdictional platform that will start to unlock the potential of the group’s scale and will lead to increased pace of development and faster roll out of new products.”