Paddy Power Betfair reports Q3 results
The company saw group revenue increase by 10% during the three-month period.
UK.- Paddy Power Betfair has released its latest financial results, revealing that during the three-month period ended September 30 the company saw group revenues increase by 10% to €551 million, 15% in the online sector and 22% in the US.
Full-year EBITDA is expected between €531 million and €548 million, as the legalisation of sports betting in the United States and the acquisition of FanDuel in July are set to boost that number by approximately €28 million.
CEO Peter Jackson said: “In the US, the exciting potential of the sports betting opportunity and the strength of our strategic positioning has been evidenced by our experience to date in New Jersey. FanDuel recorded a 30% share of the sports-betting market in September, driven by a market-leading customer proposition, our strong brand presence and the ability to cross-sell from our fantasy sports player base.”
Group revenue was up by 8%, and the FIFA World Cup added €25 million in revenue. Online revenue during the three-month period was up by 15% to €283 million, while online sportsbook results were as expected and gaming revenue increased by 26%.
“Overall, we are pleased with the substantial progress we continue to make against our strategic priorities. Our continued investment in brands and customer proposition means that all our businesses will exit the year with enhanced competitive positioning. Together with our scale and strong balance sheet, this means we are better positioned to face the significant regulatory and fiscal headwinds that apply next year and to capitalise on the long-term industry growth opportunity,” said Jackson.
