Online revenues at Paddy Power Betfair have declined by nearly a third in the last four weeks compared to the same period last year, primarily due to the massive suspension of sporting events in response to the coronavirus pandemic. In a business update for the three months ending March 31, bookmaker parent company Flutter said the group's overall revenue for the quarter grew 16% despite the impact of the sports suspension last month.
There was also a 20 percent growth in line for the period as a whole. However, since the Covid-19 crisis forced a massive suspension of sporting events, sports revenue has fallen 57 percent and 65 percent since the suspension of Irish racing on March 25. Revenues from gambling, however, have increased by 15 percent.
In the four weeks from March 16 to April 12, the company has dealt with declining revenues in all of its markets. All retail operations in Ireland and the United Kingdom have been suspended since March 16 and March 20 respectively, with no results as a result.
In Australia, revenues have declined 7 percent year-on-year with a limited impact from sports cancellations to date, reflecting the continued race to the bottom.
United States revenues are down 8 percent year over year, with a decline in sports revenue of 46 percent, but growth in games revenue of about 200 percent. Flutter said this reflected his increased presence in U.S. games and the continuation of some races. Its racing coverage is being increasingly televised on major U.S. channels, introducing its TVG product to a new cohort of potential customers.
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