PaddyPower Betfair’s profits increase by 40% in first half of 2016
In the first six months of this year the company’s revenue grew by 18% to £759m ($1bn), while the company’s net profit increased by a fantastic 40% and reached the £105m mark (about $140m), according to Irishnews.
PaddyPower Betfair stated that this impressive performance was helped by Euro 2016, the Cheltenham Festival and the Grand National. This was in addition to the 16% and 17% increase in sales in the United States and Australia respectively.
Chief executive Breon Corcoran said: “Due to the strong market position, scale, and advanced features we have all the chances to continue to show stable earnings growth, despite the high competition in the UK betting shop market”,
“While our industry remains highly competitive and is exposed to the prevailing economic and regulatory environments, our strong market positions, increased scale and enhanced capabilities position us well for sustainable, profitable growth.”
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