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Paddy Power Shows 25 Percent Increase In Profits


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Irish land and online gambling giant Paddy Power has reported a 15
percent rise in pre-tax profits for the first half of the year to €56.7 million,
which has been attributed to a 42 per cent increase in active users on its
website.

Revenues in Paddy Power’s 209 betting shops across Ireland have
dramatically dropped due to the recession as well as poor results from this
year’s horse racing Cheltenham festival, while its online gambling revenues have
skyrocketed.

Paddy Powers online profits increased by 25 percent

For first six months of this year, Paddy Power online gambling generated
€45.3 million in profits, which is a 25 percent increase from the same time last
year. This means 80 percent of the company’s profits now come from online
gambling.

According to Paddy Power CEO Patrick Kennedy, the number of ‘active’
betting fans on its online betting site was greater in the first half of the
year than the whole of 2010. Kennedy also attributed much of the rise in profits
to mobile betting.

‘We invested in a very good product [mobile betting] and backed it up with TV
advertising and online marketing,’ he said. According to the CEO, just over a
third of Paddy Power’s active customers made some type of bet using a mobile
device.

Overall, Paddy Power reported a pre-tax profit increase of 15 percent to
€56.7 million, while its income (the revenues retained by the company after
paying out all winning bets) increased by 18 percent to a none-too-shabby €241.9
million.

Paddy Power has seen a 15 percent rise in active Australian
customers

But Paddy Power has not solely flourished in Ireland and the UK, as the firm has
also reported that its Australian online gambling business has seen a 15 percent
increase in active customers, as well as a 25 percent rise in operating profits.

PaddyPower.com currently offers live betting, online poker, online casino, live
casino, online lotteries, online bingo and mobile facilities, as well as mobile
iPad App, and accepts new customers from most parts of the world.

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