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 Australian sports betting brand 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 accounts.
CEO Peter Jackson said the company was on target to meet full-year projections “despite the adverse sports results in the first quarter”.