May 30 – Things look on the up-and-up for Irish bookmaker, Paddy Power. The
company this week released positive figures for the calendar year to date.
The company reported a 19% increase in the amount staked at its sportsbook on
last year’s figures (up to May 16).
Based in Dublin, Paddy Power also revealed a 39 percent increase in betting
volume whilst total gross win was up by 32 percent compare to last year.
This growth was largely attributable to its games, casino and bingo
divisions, which ‘benefited from additional direct investment in product, people
and promotion as well as the strength of our sportsbook’.
The company was cautious about its profit forecasts and claimed that these
were only slightly ahead of expectations due to increased operating costs and
product investments.
“Significant investment has contributed to this growth and we continue to
invest to maintain our business momentum and strong competitive position,” read
a statement from Nigel Northridge, Chairman for Paddy Power.
“Following a run of adverse sporting results in 2009, I am also pleased to
report that the group’s sportsbook gross win percentages have returned to normal
expectations in the year to date.”
Currently the company holds €96 million in Net cash and it is yet to pay a
final dividend of €19 million.
Paddy Power made acquisition in Australia this year which they hope will fuel
further growth.
Click here to read our review of
Paddy Power Bookmakers.
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