Paddy Power is moving?

Paddy Power Betfair is to shut its Gibraltar office and switch operations to another of its European sites. The gaming heavyweight said that the move has been discussed as a means of centralising services since the merger of the two gambling and betting companies in February 2016.

It’s believed that the approximately 20-strong workforce will be offered relocation opportunities. Paddy Power Betfair has its base in Dublin, Ireland, and has offices in a number of European countries, including the United Kingdom, Portugal, Romania, Malta and Italy.

Targets

Paddy Power and Betfair had set a target of £50m in synergy savings ahead of their merger last year. Paddy Power Betfair has said that growth within its sports betting businesses helped to boost revenue and profit during the three months through to March 31, 2017.

Total revenue in the first quarter came in at £416 million (€491.2 million/$536.5 million), which represents an increase of 23% on the £339 million generated in the same period last year. Sports revenue was up 28% year-on-year to £326 million, boosted by an 18% rise in sportsbook stakes to £2.7 billion, while gaming revenue also climbed by 6% to €90 million.

Meanwhile, underlying operating profit rocketed by 114% year-on-year to €91 million, while underlying earnings before interest, tax, depreciation and amortisation also increased by 87% to £111 million, with a greater margin of 26.6%.