Ireland-based bookmaker Paddy Power has said its "full-year results would be better than expected" because a series of "favourable sporting results in the World Cup and Premier League boosted revenue in the second half," according to Kadhim Shubber of the FINANCIAL TIMES. Growth in its earnings per share is expected to be in "mid-to-high teen" percentages, "up from previous forecasts of the mid-teens, the company said." The "upbeat results come as the gambling industry tries to stave off tightening regulation" in the U.K. Paddy Power CEO Patrick Kennedy said, "The regulatory environment continues to keep us busy." Revenue from fixed-odds betting terminals, which in particular have "come under regulatory pressure," rose 12% from July 1 through Nov. 16. Unlike other bookmakers, which have said the new rules will lead to "shop closures, Paddy Power said it expected to open between 30 and 40 shops next year" in the U.K. The upgrade comes as the company reported net revenue growth of 38% from July 1 through Nov. 16 on a "constant currency basis, underpinned by favourable sporting results and an increase in users in Australia." Retail revenues grew 14% on a like-for-like basis, while sports betting revenue online "grew faster" at 49% (FT, 11/18).
