PaddyPower Betfair’s revenue grows by 18% in first half of 2016

Thomas
Giles

British bookmaker giant PaddyPower Betfair have posted their first financial report for the half year. The company’s revenues after the merger between PaddyPower and Betfair are close to the mark of one billion US dollars (£759m).

PaddyPower Betfair’s profit before tax (EBITDA) for the first 6 months of 2016 amounted to around 240 million dollars (181 million pounds) – an increase of 31% compared to the same period last year with a revenue growth of 18%, according to SBC News.

Bookmaker PaddyPower Betfair have achieved double-digit growth in all four of the main categories. For example, the revenues of the British giant from digital sales increased by 20%. A big part of this was down to the role they played in the European Championships. The retail segment of the business grew by 12%, whilst there was a 36% increase in the share price for the combined company.

The Executive Director of PaddyPower Betfair, Breon Corcoran, said the company has “sustained good momentum through a period of considerable change” and stated that these figures exceeded his expectations.

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