TVG drives 42% growth in Betfair US Q1 revenues
Operator says growth driven by its TVG online horserace wagering subsidiary, confirms merger talks with Irish bookmaker Paddy Power
Betfair this morning announced that revenues from its US business were up 42% year-on-year to $31.5m in Q1 2016 off the back of a strong performance from its online horserace wagering business. [private]
The numbers were released at the same time as Betfair and Irish bookmaker Paddy Power confirmed they were in talks over a potential mega-merger which would create a new online gaming giant with revenues of more than $1.7bn.
Betfair said revenues from its TVG horseracing subsidiary were up 22% during the three month period ended 31 July 2015, helped by its $47.8m acquisition of HRTV back in February.
The operator also said its BetfairCasino.com offering in New Jersey continued to perform well but didnât break out any specific revenue figures for that part of the business.
The proposed merger between Betfair and Paddy Power would appear to have very little immediate impact on the US market, however both operators said it provided âattractive growth opportunitiesâ in North America.
Paddy Power was awarded a provisional transactional waiver by the New Jersey Division of Gaming Enforcement back in 2013, but has yet to enter the market.
And while head of Paddy Power North America Eamon Toland recently told eGR North America the New Jersey market was currently âunviableâ, he said the operator was still committed to the US.