Paddy Power Betfair announces growth

Operators of Paddy Power Betfair services revealed good results during the third quarter of the year.

The mega sports betting operator Paddy Power Betfair has achieved positive results during the third quarter of 2017, as revealed this week by an official statement. The British company was able to close good results even though the online gaming division has reported several operating issues the last few months.

According to Paddy Power Betfair’s report, the company grew 9 percent year-on-year to £440 million, whilst underlying earnings increased 7 percent to £121 million and underlying operating profit rose 5 percent to £101 million. The results were based on operations during the third quarter of current year, which ended last September 30.

Paddy Power Betfair CEO Breon Corcoran said it was “an encouraging quarter.” “Our international businesses performed particularly well. In Australia, the winning combination of innovative product and marketing excellence continued to deliver exceptional results, with revenue up 29 percent, whilst US revenue was up 18 percent. Paddy Power Retail also continues to outperform the market through its sports-led proposition and is well positioned to respond to regulatory changes.”

Breon Corcoran has recently announced he is stepping down as Paddy Power Betfair CEO on January 8, and he will be replaced by the businessman Peter Jackson.