Wednesday 18. November, 2015

Paddy Power Reports Australia Offset Poor Sportsbook Results

Irish gambling operator, Paddy Power, has reported that following on from strong performance in H1, in the period from July 1 to November 15, 2015, trading met expectations. Its overall net revenue increased by 9 percent compared to the same period last year, with its Australian online business contributing significantly to the growth.

Paddy Power reported revenue from its Australian online business, Sportsbet, was up 24 percent compared to the same time last year in terms of nominal figures and up 33 percent when constant currency is considered. Total wagers placed increased by 43 percent year on year.

The majority of this growth was attributed to an increase in both new and existing customers. The company reported a 22 percent increase in new customers at the end of the 2014 FIFA World Cup. There was a 38 percent growth in wagers from Australia’s telephone betting service.

Net revenue from the online sportsbook increased 7 percent year on year with the amount wagered via the Paddy Power sportsbook increasing by 21 percent. When removing Australia from the equation, total net revenue from the online business decreased by 3 percent and nominal sportsbook revenue dropped 12 percent. This drop was attributed to unfavourable sports results.

The results from Australia boosted the overall results for the gambling operator.

“While sports results in the period were unfavourable across the sector, for Paddy Power this has been offset by strong underlying growth,” the company announced in a trading update.

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

Paddy Power also announced, in the same update that it has submitted to regulators all the relevant filings for its proposed merger with UK-based Betfair.

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