Major profit jump in Q1 for Paddy Power Betfair

First-quarter revenues at Paddy Power Betfair increased 23 per cent compared to the same period in 2016 to £416 million (€492m) on the back of “growth driven by sports”.

In the three months ending 31 March, the company posted figures showing that its underlying profits jumped by 114% to £91m from £42m the year prior.

Breon Corcoran, chief executive of Paddy Power Betfair, which was formed in February of last year through the merger of Paddy Power and Betfair, said: “Reversing the trend of the past two years, results at Cheltenham 2017 favoured bookmakers and this contributed to good revenue growth.