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PaddyPower Betfair trading update for Q1-2016

Wednesday May 4,2016 : REVENUE AND PROFITS RISE AT PADDY POWER-BETFAIR
 
Merged companies report a successful first quarter in 2016.
 
In a trading update for Q1-2016 Wednesday Paddy Power-Betfair showcased a solid performance with both revenues and profit rising significantly.
 
The company noted that following the merger of its constituent parts in February this year, it is presenting its update on a "proforma" basis as if the two companies had been merged for the full quarter.
 
The comparative period is the three months ended 31 March 2015 ("Q1 2015"). All results are on an underlying basis and exclude exceptional items and amortisation of intangible assets relating to the merger.
 
Highlights of the update included:
 
* Revenue up 16 percent to GBP 339 million, with good performances across all divisions;
 
* Online revenue up 17 percent to GBP 195 million, with sportsbook stakes up 23 percent;
 
* Australia revenue up 25 percent to GBP 58 million, with sportsbook stakes up 31 percent;
 
* US revenue up 22 percent to GBP 20 million;
 
* Retail revenue up 5 percent to GBP 67 million, with sportsbook stakes up 9 percent.
 
* EBITDA up 27 percent to GBP 59 million;
 
* Operating profit up 36 percent to GBP 43 million;
 
* Sales and marketing spend increased by GBP 13 million or 22 percent, and new taxes and product fees increased costs by GBP 3 million, primarily relating to point of consumption tax in Ireland and increased machine gaming duty in the UK.
 
* As at 31 March 2016, the group had net debt of GBP 54 million, excluding customer balances.
 
* Management is confident that its target of delivering synergy cost savings of GBP 50 million per annum as a result of the merger will be achieved.
 
Group chief executive Breon Corcoran reported:
 
"All four of our brands − Paddy Power, Betfair, Sportsbet and TVG − continue to trade well in a highly competitive environment. This good start to the financial year is a credit to our colleagues, particularly at a time when we are bringing together two businesses. Our marketing, technology and operations performed well throughout the key spring racing period and we are now focused on preparations for Euro 2016.
 
"The post-merger integration is on-track. A strong leadership team is in place and restructuring of the business has commenced. We are working to bring the best of each business to the combined Group and customers are starting to see some early benefits as we roll out product features across the brands."
 
Drilling down into the detail, Sportsbook stakes increased by 21 percent to GBP 2.3 billion but revenues were impacted by adverse sports results, most notably this year at the Cheltenham Festival where, across the group, customers' net winnings totalled over GBP 20 million. Revenue from regulated markets represented 95 percent of total revenues in the period.
 
Sports revenue increased by 17 percent to GBP 135 million, driven by a 23 percent increase in sportsbook stakes and 5 percent growth in Exchange & B2B revenues.
 
Mobile continues to be the key driver of sportsbook growth and now represents 76 percent of revenues.
 
Online revenue increased by 17 percent to GBP 195 million, with revenue from regulated markets up 21 percent and unregulated revenues down by 14 percent, mostly due to the impact of the company exiting the Portuguese market.
 
Sports revenue increased by 17 percent to GBP 135 million, driven by a 23 percent increase in sportsbook stakes and 5 percent growth in Exchange & B2B revenues.
 
Mobile continues to be the key driver of sportsbook growth and now represents 76 percent of revenues.
 
Gaming revenue was up 17 percent to GBP 60 million driven by increased cross selling from sports and a strong performance in mobile revenues, which grew by 43 percent to contribute 56 percent of total gaming revenues.
 
In Australia, Sportsbet continued to grow strongly, with stakes up 31 percent to GBP 577 million, driven by 42 percent growth in active customers. Revenue, up 25 percent to GBP 58 million, was somewhat impacted by adverse sports results in the quarter. Telephone wagering continued to grow strongly.
 
In the United States, Betfair US revenue was up 22 percent to GBP 20 million with 19 percent growth at TVG supplemented by continued growth in the online casino in New Jersey. Betfair US has been awarded a licence to operate an exchange wagering platform for horseracing in New Jersey and will launch the product on 10 May. 
 
Retail revenue increased by 5 percent to GBP 67 million, with 3 percent sportsbook growth and 8 percent machine gaming growth, but  like-for-like revenue decreased by 1 percent due to adverse sports results, which offset sportsbook stakes growth of 2 percent and machine gaming growth of 3 percent. The total group betting shop count is currently 601.
 
Paddy Power's games development facility Cayetano has made a number of proprietary games and other products available to Betfair for retail, website and app use.

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Gambling News :

C.G. TECHNOLOGY IS TO PAY A $22.5 MILLION U.S. PENALTY - The Journal quotes unidentified sources who have revealed that the settlement will be announced by the Department of Justice next week, and that it relates to the companys activities going back to 2009.

Online Lottery Scammers Arrested in Jamaica - Jamaicas Lottery Scam Task Force, a special unit set up by the Jamaican police to combat the national embarrassment that online lottery scams have become, has been in action again this week, arresting 4 individuals in predawn operations Friday.

AMAZON SHOWS INCREASING INTEREST IN E-SPORTS - Launched during the annual Twitchcon expo in San Diego this week, the new currency will integrate directly with Twitch as the retailer looks to chase monetisation with the promotion of the currency.

Increasing interest in virtual and augmented reality technology - Among the practical experiments being carried out was the use of VR tech heads up games streamed through Twitch and Bolt Casino VR by a poker fan using the handle Tonkaaaap, who uses Oculus Rift gear.

Gameaccount H1-2016 numbers - On Friday Dermot Smurfits GameAccount Network (GAN) business posted its H1-2016 numbers, reporting a net pre-tax loss of GBP 2.3 million - an improvement on the GBP 2.6 million it lost in the same period last year.

Pokerstars Now Lead Sponsor of Global Poker League - Alex Dreyfuss Global Poker League has received a significant boost from the announcement by Dreyfuss Mediarex Sports and Entertainment company Friday that online pokers biggest operator, Pokerstars, has signed on as lead and exclusive GPL sponsor.

Betconstruch invests in Ucrafts - BetConstruct may have also been attracted by the obvious interest in Ucrafts business - the start-up has already gained 5,000 subscribers in just a few months of commercial activity.

Plus500 Founders Selling Off Shares - Alon Gonen and Gal Haber respectively sold 7.2 million shares, retaining a 10.4 percent interest in the company; and 2.6 million shares, retaining a smaller stake of just 3.6 percent.

Rush Golf Live Launches - Virtual sports provider Inspired Gaming has announced the launch of its latest product - Rush Golf Live - with Betfred the first operator to carry the game.

British Basketball League in Deal With Perform - The British Basketball League has agreed a six-year deal with Perform, a digital sports content and media group, for the distribution and sale of all global media-related rights.

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