The Euro 2016 helped the merger between Betfair and Paddy Power to raise its forecast for underlying earnings in 2016.
UK.- Paddy Power Betfair announced the financial results of the most recent quarter, and concluded that the Euro 2016 tournament helped them get good numbers. Breon Corcoran, chief Executive of Paddy Power Betfair, said that this was another good quarter for the company.
Paddy Power Betfair raised the forecast for underlying earnings to £390 million to £405 million, a big upgrade from the original forecast of £365 million to £385 million. The company’s revenue was up 25 percent from June to the end of September, and turnover also grew 15 percent. The company explained that the Euro 2016 brought sports stakes up 26 percent to £2.4 billion for the three month period.
“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 full potential of the group’s scale and will lead to increased pace of development and faster roll out of new products,” said Corcoran. “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,” he added.