Newly merged betting and gaming operator Paddy Power Betfair has reported a 16 per cent increase in net revenue to £339m for the first quarter of 2016, following growth across all of its business divisions.

Sportsbook stakes were up 21 per cent to £2,289m, with net revenue climbing 16 per cent to £254m, despite the impact of adverse sports results during the period. This was most notable at this year's Cheltenham Festival, where customers’ net winnings totaled over £20m.

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