Paddy Power Betfair US FY15 revenues hit $102m
The gaming giant generated EBITDA of $14m from its stateside business, plans to launch exchange betting in New Jersey this summer
The combined Paddy Power Betfair generated revenues of $102m from its US business for the full year 2015, the firm announced this morning. [private]
In the first financial update since the pair completed their mega-merger on 2 February, Paddy Power Betfair reported EBITDA of $14m from its stateside operations.
Net revenue from its TVG horseracing subsidiary accounted for $92m, while its New Jersey-facing Betfair Casino site attracted $10m for the 12 month period ended 31 December 2015.
Operating costs were $64m, with sales and marketing accounting for $21m, product and technology $7m and operations $37m.
The combined gaming giant also broke out revenues for Betfair USâ Q3 2016 performance, with revenues up 21% YoY to $23m.
The operator said growth had been driven by revenue and handle increasing at TVG, and improvements to BetfairCasino.com.
The firm also said it planned to launch its exchange platform in the Garden State by the summer, having received regulatory approval last year.
Paddy Power has a provisional transactional waiver to enter the New Jersey market, but has so far held back. The firm does, however, provide B2B services to the British Columbia Lottery Corp.