In an update to investors, Paddy Power Betfair has announced its preliminary results for the full-year 2017.
Boosted by a 16% growth in sports revenue, total revenue for the group increased by 13% reaching a total £1,745m.
Exceeding analyst predictions, underlying EBITDA was up 18% to £473m. Due to favourable Q4 sporting results; Underlying EBITDA exceeded the previous guidance range of £450m - £465m.
Peter Jackson, Paddy Power Betfair Chief Executive, commented: “I joined Paddy Power Betfair because of its great brands, fantastic people and exciting prospects. It is an exceptional business with market leading positions in key online and retail markets; differentiated products; and leading capabilities in technology, risk & trading and digital marketing.
“We saw the benefits of investing in our customer propositions in 2017, with Sportsbet launching a number of product features that give extra value to customers and Betfair moving to a clear market leadership position in its football pricing.”
At the start of the year, in January 2018, the company fully integrated its European platform, allowing it to focus its resources on developing customer facing products.
Additionally, leading customer propositions and continued strong performance in Australia, retail and the US means that the operator is prepared for any potential future regulatory changes that may occur later in the year.
“Now the Paddy Power brand is operating with an improved product, we will increase marketing spend to align with its mass market positioning and step up the retention-focused investment that we started in 2017,” adds Jackson. “At the same time, we also plan to increase our investment in international markets.
“Our scale, leading customer propositions and strong balance sheet mean we are well positioned ahead of the regulatory and fiscal changes expected in the UK, Australia and the USA. Our strengths in operating efficiently and responsibly will enable us to build a business that can sustainably generate shareholder returns over the long-term.”