Sportsbook stakes during the period were up 20%.
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The tournament concluded in July, so some of that revenue was outside the reporting period, which covered the first half of 2016, but £22mln of Euro 201 revenues were booked in June, contributing a large chunk of the £90mln increase in net revenue – to £582mln – from sports bets.
Online revenue was up 20 per cent to £440m, while retail revenue increased 12 per cent to £147m.
Paddy Power Betfair posted their first set of interim results since merging in February, with the betting giants delivering double-digit revenue increases across all four sectors. Sportsbook stakes rose 10% year-on-year. TVG, known to be a leading U.S. horse racing TV and betting network, the New Jersey online casino brand Betfair Casino, and the recently launched exchange wagering platform Betfair New Jersey Exchange are the three U.S. brands operated by the major gambling company.
The combined group reported core earnings (EBITDA) of 181 million pounds in the first six months of the year and said the second half had started in line with its expectations, expecting full year earnings growth of up to 30 percent to between 365 million and 385 million pounds.
From an operational point of view, PPB said the merger integration is “progressing ahead of plan with the majority of actions already completed”.
“The restructuring is now largely complete and the merger synergies are being delivered ahead of schedule”, said Breon Corcoran, chief executive of the group. The official said that they will remain focused on creating a world-class operation by taking good advantage of the capabilities and assets of each of the two former businesses, particularly in the field of technology, trading, and marketing.
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Gary McGann, chairman of Paddy Power Betfair, said: “After 40 years in bookmaking and 28 years’ involvement with this business, Stewart has an enviable record in the industry and leaves a great legacy”.
