London-listed betting and gaming operator Paddy Power Betfair has reported a 23 per cent increase in revenue to £416m for the first quarter of 2017, benefiting from favourable results at Cheltenham Festival in March.

The company recorded year-on-year growth across all four of its businesses, with results further enhanced by £23m from the translation of non-UK revenue due to the weakness of Sterling. On a constant currency basis, revenue was up 15 per cent compared to last year.

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