Giant online betting sites operator Paddy Power Betfair have reported a 17 percent rise in first quarter revenue, due largely to an increase in market share in Australia and the United States.
Paddy Power Betfair revenues officially surged £478 million (USD 625.7 M), up 47 percent while online revenues increased by 4 per cent to £228 million (€266 million).
In the US sports betting market, the company credits its growth to the acquisition/merger of former fantasy sports betting brand and now sports betting bookmaker FanDuel. That merger has delivered Paddy Power Betfair a 50% share of the New Jersey sports betting market.
Paddy Power’s Sportsbet capitalised on its base as the largest of the corporate online bookmakers, which have had to weather a storm of tax hikes and online gambling advertising restrictions around inducements to open new betting s.
CEO Peter Jackson said the company was on target to meet full-year projections “despite the adverse sports results in the first quarter”.
