Paddy Power Betfair US revenues up 23%
Strong performance from TVG and Betfair Casino drives US revenues to $38m
Paddy Power Betfair (PPB) this morning reported a 23%cc rise in Q1 revenues from its US business, with sports revenue up 24% and gaming revenue up 19%.
The sports revenue growth was driven by TVG where handle increased by 17%, supplemented by revenues from DRAFT.
Revenues for the US business, which covers TVG, Draft, and the exchange and casino in New Jersey, reached $38m, or 7% of the overall group revenue.
“TVG and Betfaircasino.com have good momentum and we are continuing to make preparations for any positive regulatory changes,” said group CEO, Peter Jackson.
The exec didn’t specify what level of investment would be available, saying there were too many unknown in a market that “may not even open up”.
Analyst Paul Leyland said PPB’s positioning in the US was “attractive”, albeit on a “sensible tactical/operational level rather than (over) promising strategic upside”.
The US arm of the business outperformed the wider company, which saw online revenues decline 2% to £299m.
The firm’ share price dipped 6% from opening on the London Stock Exchange.