Paddy Power Betfair Posts First Half Financials

Internet betting and retail group Paddy Power Betfair has posted their first half 2018 financial results, noting that numbers were up in many key sectors.

Key financial indicators for the first half ending June 30th, 2018 were:

  • Revenues up 5% to £867 million, up £40 million from last year, due in large part to World Cup wagers
  • EBITDA down 1% to £217 million in the second quarter
  • Profits before tax up 4% to £106 million
  • Online revenues of £462 million, up 5%
  • Sportsbetting revenues up 5%
  • Retail revenues of £162 million, up 1%

Despite the strong performance, the company is expecting full year EBITDA to be between £460 and £470 million, which is softer than initially expected. The company is factoring in the purchase of U.S. daily fantasy sports group FanDuel, which will give the company a foothold on the burgeoning American sportsbetting industry.

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bgsharpe
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10 August 2018 - 1:00pm
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I think this group doing more than well really, we heard their name more and more really and I guess the reason for their success is not only the merge between those two powerful names in the industry but also their approach to entering markets which are not fully developed or easy accessing.

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