Paddy Power Betfair says Q1 revenue up 16%, all four brands start 2016 on right foot

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.