Paddy Power bosses have revealed that across most of their sports and gaming earnings had risen up to 12 percent in sports and 14 percent in gaming but also revealed that Horse Racing was providing a real struggle for the company.
Paddy Power Betfair Facing Challenges Of Racin
With other betting companies offering a lot of different markets such as ‘best odds guaranteed’ it can be quite hard to compete in the exchange but Paddy Power reiterated that Horse Racing remains vital to the company.
Peter Jackson who took over as chief executive at the start of the year mentioned how the World Cup was a big success for the company and says that he sees the US as a growth market for racing. Jackson went on to mention how they have opened the busiest store they have in the world at meadowlands racetrack and raked in around $15m in the first couple of weeks. Paddy Power are hoping that they can sell racing to a new generation of punters over in the US.
In May, ministers reduced FOBT stakes to £2 down from £100 which disappointed a number of bookmakers. Paddy Power Betfair claimed that the attitude to machines had impacted on the rest of the betting industry. In a statement accompanying the results they went on to say how reducing the stake for fixed-odds betting as the negativity that has gone towards the machines had undermined the sector as an entertainment provider, employment and tax revenue along with being a supporter of sports such as horse racing. Paddy Power have also backed and supported the reduction in pre-watershed TV advertising to protect the younger generation.
The key stand out currently is the better performance at PaddyPower.com, while Australia and the US remain also in very good shape. Shares in Paddy Power Betfair were down at £79.55 on Wednesday morning, a loss of around the two percent mark.