The Courier & Advertiser (Angus and Dundee)
Higher profits for bookie
Paddy Power Betfair has upgraded its full-year profit forecasts.
The bookmaker now expects fullyear earnings to come in between £465 million and £480m, a slight improvement on previous guidance.
The rise follows a surge in betting at the Meadowlands Racetrack in the US.
However, the firm saw group profit knocked in the third quarter after booking losses at its fantasy sports business FanDuel – a so-called tech unicorn business co-founded by Forfar businesswoman Lesley Eccles and her husband Nigel.
The pair are no longer directly involved with the business.
Paddy Power Betfair’s figures show underlying earnings slipped 16% to £101m in the three months to September 30, although revenue grew 10% year on year to £483m.
Sales were driven by online, which saw a 15% jump in revenues, but high street outlets in the UK suffered a 1% decline and fell by 6% in Ireland.
CEO Peter Jackson said: “Quarter three was a good quarter for the group.
“In Europe, the encouraging momentum that we saw in quarter two accelerated further, with online revenue up 15%.
“This momentum, which was evident in both Paddy Power and Betfair, is driven by enhancements in product and good execution in promotions and marketing.”