Merger Proves to be Good for Paddy Power Betfair

The merged gambling entity, Paddy Power Betfair reported its preliminary results for 2016 and showed double digit growth across all four of its operating divisions.

Paddy Power Betfair described the year up to December 31st as a "transformational" one, with revenue increasing 18% to £1.55 billion.

Underlying EBITDA grew 35% to £400 million, while underlying profit increased a significant 44% to £330 million.

Other facts reported by Paddy Power Betfair included:

  • Sports revenue climbed 19% to £1.2 billion.
  • Gaming revenue increased 14% to £353 million.

Paddy Power Betfair Completes Integration

Paddy Power Betfair said that many actions and operational changes linked to the merger of the two gaming groups were completed last year. As such the group is now focused on "unlocking the group's potential through the integration of technology platforms" in 2017.

The chief executive of the group, Breon Corcoran said: "2016 was a transformational year for Paddy Power Betfair with much of the integration of the businesses completed sooner and more efficiently than expected."

"The integration of our technology platforms is on track and customers are already seeing some benefits, including more markets and better odds," he added.

Gambling Group Looks Ahead

Following the release of the impressive 2016 report, Paddy Power Betfair now looks ahead to 2017 and believes that it will manage to do even better.

Corcoran said Paddy Power Betfair has created a business with considerable scale that is stronger and better able to compete than either of the individual companies.

"The group is well positioned to deliver sustainable, profitable growth," he added.