Paddy Power cashes in on summer of sport and sterling plunge - Telegraph.co.uk

A hectic summer of international football and the fall in the value of sterling lifted Paddy Power Betfair's profits in the three months to September 30.

The Dublin-based bookmaker, formed in a £7bn merger earlier this year, reported a 68pc surge in underlying operating profits to £95m.

Paddy Power Betfair was buoyed by a 26pc increase in sportstakes on the back of Euro 2016, which generated revenues of £16m during the period, and £38m in total. This helped push total revenues up 25pc to £404m.

The sharp decline in the value of sterling following the EU Referendum in June also benefited the company’s non-UK earnings to the tune of £28m. On a constant currency basis, stripping out fluctuations in the exchange rate, revenue rose by 15pc over the quarter.

Paddy Power Betfair has now increased its full-year ebitda guidance to between £390m and £405m.