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The chief executive of Paddy Power Betfair has surprised investors by announcing that £20 million will be spent on winning back market share.
This step came as the company unveiled their results for 2017, which showed revenue up 13 per cent to £1.745 billion and underlying ebitda up 18 per cent to £473 million thanks to bookmaker-friendly sports results in the final quarter of the year.
Paddy Power Betfair spent £300m on marketing in 2017 and had already been due to spend more this year due to the Fifa World Cup national team contest, but this amount will now be increased further.
