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.”