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Paddy Power Betfair, the Gambling giant, has reported revenue growth of 17% to £478 million for the three months to March 31. Online gaming revenues rose 31% to £76 million, driven by the “strong growth” of Paddy Power’s online games. Total online revenues increased by 4% to £228 million compared to the same period last year, as it benefited from its £88 million acquisition of Georgian betting brand Adjarabet.
The betting company said that it was impacted by February horse racing, which was temporarily suspended in the UK while the Dublin Leopardstown Festival saw a string of well-backed favourites win most races. The group was, however, buoyed by the Cheltenham Festival, which saw more than £250 million traded on 16 million total bets across all its platforms.
“Trading in April has been in line with our expectations. We remain excited about the growth opportunities that lie ahead for the Group,” Chief executive Peter Jackson said.
Source: Latest News on European Gaming Media Network
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