SBC News Unfavourable sports results impact Paddy Power's strong metric performance

Unfavourable sports results impact Paddy Power’s strong metric performance

wehearyouPaddy Power has revealed in its interim management statement (period 1 January – 11 May), that the operator recorded a strong start to 2015 which has been offset by ‘unfavourable’ sports results seen throughout the sector.

The company further stated that a weaker euro this year had helped offset the impact of new taxes and regulations levied on the betting industry.

Strong top-line metric growth was driven by a 24% increase in sports betting wagering during the period, Paddy Power would further record a net revenue gain of 36% in its online betting services.

Paddy Power governance would highlight the positive performance of its Australian online sports betting division which saw wagering up 39% combined with additional net revenue gains of 43%.

The company stated that it would continue to focus on international growth and expansion. Following previous underwhelming results, Paddy Power said it had completed a strategic review of the group’s Italian business, adding that it has identified operational improvements.

The operators strong digital performance, was further supported by improved performance in Paddy Power’s retail betting division which saw increased wagering of 7% and net revenue gains of 15% on ‘over the counter’ bets and 10% in gaming machine revenues.

During the period Paddy Power would report that it had opened eight new betting shops in the UK and acquired two new shops in Ireland.

Paddy Power 2015 Interim Performance Overview

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