UK-listed bookmaker Paddy Power Betfair is injecting more money into its annual marketing budget to fend off future revenue malaise following government crackdowns in key markets.
Paddy Power Betfair made the announcement on Wednesday as the company reported its first full-year results since rivals Paddy Power and Betfair merged in February 2016.
In a disclosure to the London Stock Exchange, Paddy Power said the company’s overall revenue grew 13 percent to £1.745 billion (US$2.42 billion) as a result of a robust sports betting segment. Operating profits jumped 19 percent to £392 million ($543.8 million) in 2017 from £330 million ($457.8 million) in the previous year.
Many financial analysts, however, observed that the 2017 growth rate was slower than previous years.