Paddy Power Betfair publish impressive Q1 results

4 May 2017

paddypower betfairProfits seem to have skyrocketed once again for the British gambling colossus Paddy Power Betfair. The first three months of 2017 have truly been generous as there has been an impressive increase in gaming profits, at a figure of almost 50£ million, compared to last year.

More specifically, underlying profits have increased at a 114% rate, from 42£m to 91£m . This increase is mainly attributed to the sports betting section, as it amounted for 33% of the total profits.

Additionally, various favourable betting results, have also increased the total revenue from 339£m to 416£m, amounting for a 23% year on year jump.

According to Breon Corcoran, Paddy Power Betfair Chief Executive, these impressive results are a direct result of the recent merger of the two bookmaker giants that have not only increased the amount of bets placed, but also significantly cut operational costs.

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Paddy is the best example of “united we stand” in betting business, as they started as a merger of all Irish bookies, who expanded in many countries and eventually merged with Betfair. Nowadays Paddy’s popularity is exceeding the British Isles, their main area of interest. They’re one of the first bookmakers who took advantage of odds as a commercial campaign, offering odds on bizarre events to attract publicity. Their services could be complete if they added an Asian Handicap option to their great number of alternative betting selections. They still offer their website only in English, by choice.

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