On the day Paddy Power announced it was to merge with Betfair, the Irish bookmaker also posted results for the six months to June 30 showing a increase in operating profit of 33 per cent to €80m.

Paddy Power

Net revenue is up 25 per cent with double-digit growth across online and retail divisions. The online business saw net revenue growth of 34 per cent to €345m, with sportsbook up 42 per cent and gaming up 14 per cent. Operating profit rose 45 per cent to €70m.

The Australian online business, Sportsbet, saw sportsbook net revenue rise 46 per cent to €151m while stakes were up 37 per cent. Operating profit increased 69 per cent to €38.8m.

In Italy, net revenue grew by 24 per cent, and operating costs fell by 19 per cent with operating loss reduced by €4.2m to €4.7m.

Mobile net revenue now accounts for 67 per cent of online revenue, with 78 per cent of active customers using mobile.

Andy McCue, chief executive, said: “We have made substantial progress implementing the strategy we set out in March, with further payback to come from new mobile product releases, refreshed marketing campaigns and efficiency gains.

“We now expect full year 2015 reported operating profit to be a mid to high single-digit percentage above 2014 and the consensus market forecast.”

On August 26, Paddy Power and Betfair announced the two companies planned to merge.