Irish gambling operator Paddy Power issued earlier today information about its financial performance during the period July 1-November 15, 2015. The company’s overall net revenue increased 9% as compared to what was generated during the same period a year ago.
Paddy Power noted that trading during the period in review was completely in line with expectations. The gambling operator also said that although sports results were quite unfavorable across the whole sector, those have been offset via a strong underlying growth.
Online sportsbook net revenue increased 7% in the above-mentioned period, mainly due to favorable sports results and the final stages of the 2014 FIFA World Cup. Sportsbook amounts staked also grew significantly year-on-year. An increase of 23% was posted in those. In the company’s retail operations, net revenue from sports betting grew 7% year-on-year and sports betting stakes increased 12% compared to the same period a year ago.
Paddy Power’s Australian online business posted a 33% growth in net revenue generated between July 1 and November 15. Total stakes were up 43% during the period in review. The company attributed the growth to both existing and new customers. The number of the latter increased 22% in the period after the end of the 2014 FIFA World Cup. Stakes from Australia’s telephone channel grew 38%.
The operator’s UK and Irish online divisions were affected in a negative manner by favorable sports results and the 2014 FIFA World Cup. Quite expectedly, net revenue dropped 9%. In the post-World Cup comparative period, the number of new customers was up 20% and stakes grew 11%. Net revenue from online operations increased 6% after the conclusion of the 2014 FIFA World Cup.
In Italy, Paddy Power said that revenue during the reported period increased 3%, despite the adverse sports results and the absence of major sports events (e.g. FIFA World Cup).
As for the operator’s UK retail operations, sportsbook stakes increased 5% on a like-for-like basis, due to the “leadership position” of its self-service betting terminals. Sportsbook net revenue was down 8% like-for-like, due to adverse sports results.
Net revenue from machine gaming increased 6% due to the frequent release of new games and the constant “strong execution of carded play.”
Retail operations in Ireland posted an 8% like-for-like growth in sporstbook stakes and a 4% one in net revenue. Paddy Power attributed the positive results to its diverse product offering.
During the reported period, the company launched 7 betting shops in the UK and 7 in Ireland.
