Paddy Power Betfair's revenues grow 18% in 20162017-03-07 16:06:34
It was the current CEO, Breon Corcoran, who called 2016 a ‘transformational year’ for the betting company. Paddy Power and Betfair completed a near €10 billion merger in February of 2016.
The merger has benefited the group in its first full year of earnings - revenues for the year to the end of December 2016 rose by 18% to £1.5 billion, while the company’s operating profits rose by 44% to £330m.
Corcoran said that it was a transformational year for the company, and they were ahead of schedule with the integration of the businesses.
'We have created a business with a considerable scale that is stronger and better able to compete than either of the individual legacy companies. The group is well positioned to deliver sustainable, profitable growth,' Mr Corcoran added.
Fears about the impact the Brexit vote would have on the business have been allayed, for now at least, with no visible consequences for the bookmaker so far.
With the one-off implementation cost of the merge now behind them, Paddy Power Betfair are predicting even further growth for 2017.
The Paddy Power casino and gaming section of the company increased its revenues by 14% in 2016 while the sportsbook revenue grew by 19%.
Paddy Power Betfair said that sports results 'ebbed and flowed' between favouring bookmakers and customers during 2016.
‘The first quarter saw a high number of favourites winning at the Cheltenham Festival before unfancied results at the Euro 2016 tournament boosted revenues in June and July. The year concluded with customer-friendly football results in December,’ they added.
The company has seen strong growth in Australia too, up 18%, and it would’ve been more but for some more unfavourable results for the bookmaker.
Paddy Power Betfair are one of the biggest names in sports betting and online casinos today. The Paddy Power Casino allows for players to play mobile casino games when on the move. Something to pass the time on your commute each day!
The Paddy Power app is considered to be one of the most user-friendly betting apps available to customers at the moment.
Probably what the Paddy Power name is best known for over recent years, however, is their marketing and advertising campaigns. Ranging from hilarious to crass, topical to satirical, Paddy Power’s social media presence and marketing creativity is second-to-none.
It’s quick too, with many banners, memes, or gifs created within minutes of a notable occurrence at some sporting event.
2017 will see continued growth for this online casino and bookmaker behemoth. They won’t be going anywhere for a long, long time at Paddy Power Betfair.