SBC News Voice of the Sports Betting Industry
Paddy Power management raised its corporate forecast for full year earnings, as the operator reported a 38% revenue rise led by strong growth in its digital operating division. Publishing its Interim Statement for the period of 1 July to 16 November, the Irish betting and gaming operator did not disclose performance figures.
The operator stated that in the second half of the year, it had recorded strong revenue growth in all its business divisions, benefiting from good top-line growth and favorable sports results, reporting sportsbook wagering up 18% and a 3% hike on retail betting wagers.
Paddy Power reported strong performance for its digital eGaming and sports betting divisions, who had grown net revenues by 42%. Its online sports betting vertical recorded an increased net revenue of 60%. Online stakes grew by 18 per cent; 21 per cent in Australia and 16 per cent in online ex Australia.
Retail net revenue grew by 14% on a like-for-like basis. Paddy Power have opened 73 shops in the year to date, 53 in the UK and 20 in Ireland, bringing their total estate to 562 units. Including new shops, sportsbook stakes increased by 15% and total net revenue by 31%.
Paddy Power’s Irish Retail division saw positive like-for-like wagering and revenue trends reported since the start of last year, as it recorded stakes up 4% and net revenue up 11% during the period.
UK Retail, on a like-for-like basis, sportsbook wagering grew by 2%, sportsbook net revenue by 20% supported by machine gaming revenues were up 12%.
Paddy Power Performance Overiview
