Lucky breaks in Cheltenham Festival have propelled the first quarter revenue of Irish bookmaker Paddy Power Betfair by 15 percent.

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.

The betting firm announced that its revenue increased 15 per cent on a constant currency basis to £416 million (US$ 537.09 million) from £339 million (US$ 437.67 million) in the previous year.

On the other hand, the group saw its underlying operating profit rise £91 million (US$117.49 million) in the January to March 31 period, an increase of 114 per cent on the same period in 2016. The group’s underlying earnings before interest, tax, depreciation and amortization jumped by 83 percent on a constant currency basis to £111 million (US$143.31 million).