Paddy Power Betfair says Australia growth offset impact of higher taxes in UK

Paddy Power Betfair is reportedly bullish of the year ahead following their merger, thanks to growth in Australia, reports the Financial Times.

Irish bookmaker Paddy Power reported revenues of €1.1 billion (US$1.2 billion), up 24 percent in 2015, and profits rose 8 percent to €179.7 million. The strong growth in Australia was a factor to offset the impact of increased taxes in the UK.

Revenue in Paddy Power’s Australian business, Sportsbet, increased 41 percent to €321 million, while operating profit in Australia increased 54 percent to €80 million, making Australia its biggest market.

Betfair also saw positive performance, with revenues for the three months ended Jan. 31, up 21 percent year on year to £138 million (US$196.2 million). EBITDA increased 10 percent to £26 million.

Breon Corcoran who leads the combined group said both Paddy Power and Betfair were enjoying “good momentum.”