World Cup contributes to Paddy Power Betfair growth in Europe
Bookmakers Paddy Power Betfair have reported a rise in their revenue and pre-tax profits for the first half of this year.
Paddy Power Betfair saw its revenue go up by 7%, up from £827m to £867m, while its pre-tax profit increased by 4%, up from €102m to £106m, in the first six months of 2018 when compared to the same period last year.
The bookmaking giant said it recorded growth across all operating divisions during the period, with sports and gaming rising 13%, as did online revenue.
Globally, their highest revenue growth came in the US where they went up 20%, while its revenue in Australia grew by 19% and the Fifa World Cup contributed around €9m to its growth in Europe.
CEO, Peter Jackson, said: "In Europe, product enhancements and improved cross-sell rates have led to stronger gaming revenue growth over the past few months for both brands, whilst customer satisfaction with the Paddy Power sports app has stepped up.
Recent marketing campaigns have also been successful with the Betfair brand increasingly identified as having the best odds.
The World Cup was a showcase event for Paddy Power, with a series of successfully executed marketing campaigns leading to it being one of the UK's most talked about brands in social media conversations around the tournament.
"In Australia, despite significant upcoming tax headwinds, Sportsbet continues to target further market share gains by using its scale to increase investment in marketing, product and its value proposition.
"In the USA, we were delighted to add FanDuel to the Group's portfolio of leading sports brands, creating the industry's largest online business, with a large sports-focused customer base and an extensive nationwide footprint. Our FanDuel sportsbook is now available in New Jersey and with our recent partnership with Boyd Gaming we're looking forward to launching in further states as the legislation progresses."
