Marketing Spend Lifts Paddy Power Q3 Revenues

Written by:
Published on:
Marketing Spend Lifts Paddy Power Q3 Revenues

DUBLIN - (Reuters) – Increased marketing spending helped Irish bookmaker Paddy Power to third-quarter revenues up 23 percent on last year, while favourable results boosted its returns on sports betting.

The Dublin-based group has been more adept than larger rivals at reacting to punters moving to online gambling and saw internet sports betting activity climb by 28 percent in the three months to Nov. 14.

Trading was boosted by a 74 percent increase in marketing spending in the first half, though betting activity during the Olympic Games was slower than during the Euro 2012 soccer tournament earlier in the summer.

The group said that it plans to open 45 new shops next year in the United Kingdom, where like-for-like net revenue was up 5 percent in the third quarter.

Davy Stockbrokers said in a note that higher than expected revenue growth of 34 percent in Australia made up for slightly weaker than expected revenues online and left unchanged its full-year forecast for 18 percent growth in earnings per share.

Paddy Power, which has increased its presence in Britain as well as Australia, Canada and France in recent years, did not give details of its performance in the Italian market it entered this year.


Business/Financial News

4 Good Reasons Why Crypto Gambling Is on the Rise

4 Good Reasons Why Crypto Gambling Is on the Rise

Unless you are new to the tech world, you’ve probably used or interacted with Bitcoin or other cryptocurrencies. The potential for cryptocurrencies continues expanding, with online casinos and gambling sites adopting them.

US SEC Sues Coinbase, One Day After Suing Binance

"Today we charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program."