Paddy Power Betfair (LON:PPB) published a trading update on Thursday, causing shares to fall.
The betting firm said that quarter 1 revenue increased 17% year-on-year.
This was attributed to driven ‘excellent growth’ in both Australian and US markets.
In the group’s sports division, revenue growth was strong at Sportsbet and FanDuel.
However, online performance was particularly impacted by unfavourable results in the UK and Ireland, falling 1%.
Gaming also proved strong, with ‘excellent growth’ online across Europe and the US.
Paddy Power Betfair also benefited from the acquisition of Adjarabet back in February.
Looking ahead, the firm said its full-year outlook remains in line with expectations, particularly amid good returns on US investment.
Peter Jackson, Chief Executive, commented on the update:
“Q1 was a good quarter for the Group with revenues up 17%, notwithstanding customer friendly sports results in the UK. Underlying momentum remains good for Paddy Power with 22% growth in average daily actives.
For Betfair, we continue to make good progress on the technology development work to enhance our global customer propositions which will enable us to accelerate international growth. Meanwhile, the geographical diversification of our online business has been further enhanced by the addition of Adjarabet in February, with integration progressing well.”
The firm was founded after a merger between Paddy Power and Betfair back in 2015.
It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Shares in Paddy Power Betfair (LON:PPB) are currently down -5.29% as of 12:58PM (GMT).
