Paddy Power-Betfair take Cheltenham hit but still show increased profits

The newly merged gambling giant that is Paddy Power-Betfair announced its first quarterly results as a combined company with quite positive figures. Even with a massive hit at the Cheltenham festival with so many favoured horses winning giving the punters a festival to remember.

Paddy Power-Betfair said they lost €76 million at Cheltenham this year as a combined company, but despite such results, the company announced good overall figures for the first three months of the year, with group revenues up 16% to £339 million (€427m) and profits up 36% to £43 million.

Chief executive Breon Corcoran said the post-merger integration is “on track” and the restructuring of the business has commenced, adding that customers are already benefiting from the sharing of both brands’ products.