Leading betting outfit Paddy Power Betfair revealed that its third quarter revenues had grown in line with expectations.
An 11 per cent growth in sports revenue was the main driver behind the nine per cent rise to revenue of £440m. This was despite a three per cent drop in revenue to £216m for online operations, although this was against the previous period which benefited from contributions on the back of the Euro 2016 football tournament.
Sportsbook revenue fell by two per cent due to a 0.8 percentage point decrease in the sportsbook margin. The decrease in the margin was driven by favourable sports results in the comparative period and continued investment in the customer proposition.
International arms of the group performed particularly well, with Australia revenue up 29 per cent and the US by 18 per cent.
Underlying EBITDA increased by seven per cent to £121m, and for the full year it is expected to be between £450-465m.
