Sportsbet Australia Witnesses Great Numbers
Sportsbet is the Australian brand of Paddy Power, the well known Irish bookmaker and sports betting operator. The Australian wing of the operator has witnessed a great rise in its profit during the last financial 12 months. In overall numbers, the betting operator has reported a 44% increase from the same period of last year, thanks to the massive upswing that its Australian wing has witnessed.
The operator posted his 1st set f financial results ever since it has merged with Betfair, the UK online exchange. The new merged entity between Betfair and Paddy Power recorded a revenue that reached 1.3 billion Euros, which is the 1st time that the company’s revenues succeed to pass the one billion mark. The operating profits for the same period reached 219.5 million Euros, which is equal 321.7 million Australian dollars. In addition, Paddy Power has reports a fourteen percents rise in its revenue from the retail outlets that are located in Ireland. This is because as well as having an online casino and an internet sportsbook, the operator runs many high street bookies that are spread across Ireland and the United Kingdom.
The Aussie Numbers Put the Operator on Top
These above mentioned numbers are great, but the revenues of Sportsbet rose even higher. The company has witnessed a 41% increase in their revenue to reach 470 million AU$. The operating profits were up an outstanding 54% to reach 118 million AU$.
As a result of the tax commitments that the company has to fulfill in the United Kingdom, following the new levee that was placed by the UK government on all gambling operators who are offering services to UK customers, the company’s business branch in Australia has now surpassed its United Kingdom’s counterpart.
Despite these amazing numbers, Paddy Power Betfair is not making any predictions until the hectic 2016 sports calendar is done. This is because the 2016 calendar is still packed with several events like the Cheltenham Festival and the Euro 2016 Tournament in France. This event is always a bumper time for all Irish and British bookmakers.
Sportsbet is regulated and licensed by the NT government where it enjoys a pretty favorable tax rate on all of its revenues. Despite being the partner of various sporting and racing bodies, the company is under attack for its favorable tax rates. Sportsbet has witnessed a 30% increase in profits through its racing market, this came despite the fact that the government is currently stalling in updating the gaming legislation, the IGA, which is pending review. Sportsbet on the other hand has been quite vocal in pushing for internet bookmakers to have the ability to accept in play sports betting online.
Paddy Power has also been investing a lot in mobile gaming in order to take advantage of the popularity and the growing trend of mobile wagering in Australia. According to reports, 2/3 of gambling at Sportsbet has been done through tablets and mobiles.