Paddy Power Betfair said that strong performances at its US and Australian operations drove a 17% increase in first quarter revenues to £478m from £408m the same time last year.

In a trading update, the bookmakers chain said that its Sports revenues rose by 15% to £366m, while its Gaming revenues jumped by 27% to £113m

But the bookie chain said its online performance was affected by unfavourable sports results in UK and Ireland. 

The company intends to rename as Flutter Entertainment, subject to shareholder approval, at its upcoming AGM in May.

Paddy Power Betfair’s chief executive Peter Jackson said the the first quarter was good for the group with revenues up 17%, despite customer friendly sports results in the UK. 

Peter Jackson said that underlying momentum remains good for Paddy Power with 22% growth in average daily actives. 

“For Betfair, we continue to make good progress on the technology development work to enhance our global customer propositions which will enable us to accelerate international growth,” he said. 

The CEO also said the geographical diversification of its online business has been further enhanced by the addition of Adjarabet in February, with integration progressing well.

Mr Jackson said that trading in April has been in line with the company’s expectations. 

“We remain on track to meet our full year profit expectations despite the adverse sports results in Q1. We remain excited about the growth opportunities that lie ahead for the group,” he added.