Industry News

Online gaming boosts revenue growth at Paddy Power Betfair

Published

6 years ago

May 3, 2019

Niji Narayan

Paddy Power Betfair and MGA Games sign a content provider agreement at SiGMA

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Paddy Power Betfair, the Gambling giant, has reported revenue growth of 17% to £478 million for the three months to March 31. Online gaming revenues rose 31% to £76 million, driven by the “strong growth” of Paddy Power’s online games. Total online revenues increased by 4% to £228 million compared to the same period last year, as it benefited from its £88 million acquisition of Georgian betting brand Adjarabet.

The betting company said that it was impacted by February horse racing, which was temporarily suspended in the UK while the Dublin Leopardstown Festival saw a string of well-backed favourites win most races. The group was, however, buoyed by the Cheltenham Festival, which saw more than £250 million traded on 16 million total bets across all its platforms.

“Trading in April has been in line with our expectations. We remain excited about the growth opportunities that lie ahead for the Group,” Chief executive Peter Jackson said.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.