Newly merged online gambling behemoth Paddy Power Betfair reported growth across all its brands in Q1 as the company continues to integrate its operations.
On Wednesday, the company released a trading update covering the three months ending March 31, with pro forma figures to allow for more accurate comparisons with their formerly standalone operations.
Overall group revenue rose 16% to £339m, earnings rose 27% to £59m and operating profit jumped 36% to £43m. Group CEO Breon Corcoran said all four of the company’s brands – Paddy Power, Betfair, the Australian-facing Sportsbet and the US-facing TVG – had started 2016 off on the right foot, particularly given the internal upheaval surrounding the post-merger integration.
Total online revenue was up 17% to £195m, with sports revenue topping £135m thanks to a 23% rise in stakes, while exchange and B2B revenue improved 5%. Online gaming revenue was also up 17% to £60m, with mobile gaming rising 43% and now claiming 56% of total gaming revenue.