Paddy Power Betfair has released their trading update for Q3 2016 (three months to September 30) which shows a 25% increase in revenue year-on-year increasing to £404 million.
The increase in growth the group said was driven by the rise withing the sports betting business experiencing a 26% increase in sports book stakes which were a result of the UEFA Euro 2016.
There was an increase in online revenue of 20% which totaled £222 million with the group’s revenue in Australia seeing a growth of 21% to a total of £82 million.
The retail division total net revenue amasses to £76 million for Q3 a year-on-year rise of 19%.
Underlying EBITDA was £113 million, a growth of 53% with an increased margin of 28% in comparison to the same period for 2015. Underlying operating profits surged to 68% to £95 million.
Paddy Power Betfair was formed earlier this year with the merger of Paddy Power and Betfair and as a result of their performance for this Q3, it is forecasted that they will attain full year results that were better than anticipated with expectations of EBITDA reaching around £390 million and £405 million.
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, multichannel, multi-jurisdictional platform that will start to unlock the full potential of the group’s scale and will lead to increased pace of development and faster roll out of new products.”