{"id":46435,"date":"2017-03-08T17:00:32","date_gmt":"2017-03-09T01:00:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=46435"},"modified":"2017-03-08T14:59:22","modified_gmt":"2017-03-08T22:59:22","slug":"paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/","title":{"rendered":"Paddy Power Betfair Revenues Soar But Merger Costs Hurt Bottom Line"},"content":{"rendered":"

Paddy Power Betfair<\/a> on Monday reported revenues were up by 89 percent during its first year as a merged company, despite costs associated with the merger that ultimately dragged down its bottom line.<\/p>\n

\"Breon
Paddy Power Betfair chief Breon Corcoran is bullish about the company\u2019s prospects. The integration of the two betting giants was running ahead of schedule, he said. (Image: Sunday Business Post)<\/figcaption><\/figure>\n

While revenues soared to \u00a31.5 billion ($1.83 billion) in 2016, these figures were tempered by one-off merger-related payments of \u00a3116 million ($141 million), which weighed heavily on its operating profits.<\/p>\n

These were down to \u00a315 million ($18 million) from \u00a3125 million ($152 million) a year earlier.\u00a0 \u00a0<\/span><\/p>\n

Since Paddy Power and Betfair only finalized their \u00a37 billion ($8.5 billion) merger in February 2016, of course, comparative figures for 2015 have been calculated as though they were merged entities in that year.<\/p>\n

Online Betting Monster<\/b><\/h2>\n

Paddy Power and Betfair created one of the biggest, if not the <\/i>biggest, online gambling powerhouses in the world when they agreed terms to join forces in September 2015.<\/p>\n

And Breon Corcoran, chief executive of the enlarged company, said Monday that the implementation of the merger, and the integration of the two companies, was ahead of schedule.<\/p>\n

\u201c2016 was a transformational year for Paddy Power Betfair with much of the integration of the businesses completed sooner and more efficiently than expected,\u201d said<\/p>\n

\n

\u201cWe have created a business with considerable scale that is stronger and better able to compete than either of the individual legacy companies. The group is well positioned to deliver sustainable, profitable growth.\u201d\u00a0 \u00a0<\/span><\/strong><\/p>\n<\/blockquote>\n

With growth almost doubling in its first year, Paddy Power Betfair is unlikely to lose much sleep over those profit-crunching one-off payments, especially when it expects to benefit this year from an estimated \u00a365 million ($79 million) in cost-saving synergies generated by the merger.<\/p>\n

\u201cWe\u2019re Hiring\u201d<\/b><\/h2>\n

Some of those savings come, inevitably, in the form of job cuts. Six hundred and fifty of the combined company\u2019s 7,200 workers lost their jobs last summer, but Corcoran says the company is hiring again.\u00a0 \u00a0<\/span><\/p>\n

\u201cPeople were very focused from the start in maintaining momentum and continuity and getting on with it,\u201d he told the Financial Times. <\/i>\u201cIt hasn\u2019t been just about job cuts. Although there were redundancies last summer, we\u2019ve been hiring consistently since then and we are on or about flat headcount from 13 months ago [when the merger completed].\u201d<\/p>\n

The marriage of the British company, Betfair, to Ireland\u2019s Paddy Power\u2019s has been the biggest merger so far of a wave of consolidation within UK<\/a> and European regulated gambling market.<\/p>\n

Gambling companies are seeking to achieve greater scale and ease pressure from the trend of increased taxation and regulation over the past five or six years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paddy Power Betfair on Monday reported revenues were up by 89 percent during its first year as a merged company, despite costs associated with the merger that ultimately dragged down its bottom line. While revenues soared to \u00a31.5 billion ($1.83 billion) in 2016, these figures were tempered by one-off merger-related payments of \u00a3116 million ($141 […]<\/p>\n","protected":false},"author":42,"featured_media":46436,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,19,1074],"tags":[],"acf":[],"yoast_head":"\nPaddy Power Betfair Revenues Soar But Merger Costs Hurt Bottom Line<\/title>\n<meta name=\"description\" content=\"Paddy Power Betfair posted strong growth although profits came in lower than expected.\u00a0\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paddy Power Betfair Revenues Soar But Merger Costs Hurt Bottom Line\" \/>\n<meta property=\"og:description\" content=\"Paddy Power Betfair posted strong growth although profits came in lower than expected.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-09T01:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-03-08T22:59:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1457780916256_breoncorcoran-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"513\" \/>\n\t<meta property=\"og:image:height\" content=\"273\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/\",\"url\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/\",\"name\":\"Paddy Power Betfair Revenues Soar But Merger Costs Hurt Bottom Line\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1457780916256_breoncorcoran-1.jpg\",\"datePublished\":\"2017-03-09T01:00:32+00:00\",\"dateModified\":\"2017-03-08T22:59:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Paddy Power Betfair posted strong growth although profits came in lower than expected.\u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-betfair-revenues-soar-but-merger-costs-hurt-bottom-line\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1457780916256_breoncorcoran-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/1457780916256_breoncorcoran-1.jpg\",\"width\":513,\"height\":273,\"caption\":\"Paddy Power Betfair chief Breon Corcoran is bullish about the company\u2019s prospects. 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