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Paddy Power Betfair is to double down on advertising as revenue and earnings run out of steam as it gives the go ahead to boosting its marketing budget from £300m to £320m.

The merged business has been forced to respond after conceding that the Paddy Power brand was conceding market share to industry rivals Bet365, Ladbrokes Coral and William Hill.

Added to these woes is a toughened regulatory environment with the UK said to be investigating the introduction of tighter restrictions on fixed-odds betting terminals and Australia ready to introduce a new ‘point of consumption’ tax.

In its most recent set of results Paddy Power Betfair saw overall revenues and earnings increase, albeit at a reduced rate, by 13% and 18% respectively to £1.7bn and £473m for the year ending 31 December 2017.

Paddy Power and Betfair completed a £5bn merger back in 2016.