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Paddy Power to Enter Italian Gaming Market

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Now that Italy has regulated its online gambling market, the nation has
become the latest target for the world’s largest gambling firms eager to tap
into its highly lucrative industry, and one such firm is Irish betting and
gaming giant, Paddy Power.

According to reports, Paddy Power will invest €6 million this year to launch its
Italian operations. The gaming firm is reportedly planning to launch a
state-of-the-art online sportsbook, followed by an online casino and an online
poker room in the future.

It’s no secret that Italy boasts Europe’s largest gambling market, with roughly
€60 billion in bets wagered in the pasta-loving nation each year. As a result,
it has attracted the attention of many gaming firms eager to tap into its
sizable gambling market.

Paddy Power’s Net Profit in 2011 was €499 Million

While €6 million is no small amount, Paddy Power can easily afford it after
posting impressive financial results for 2011. The company grew its net profits
in 2011 by 17 per cent to €499 million, a notable €72 million increase on the
previous year.

Like most of its rivals, Paddy Power has recognised that the
way forward in the highly competitive internet gambling industry is to expand
into newly regulated gaming markets around the world like Italy, which is why it
already has an Italian team in place.

And if everything goes to plan, Paddy Power will have its Italian online
sportsbook up-and-running before June this year in time for the Euro 2012
football tournament, which is one of the biggest annual betting events in Italy,
and indeed in Europe.

According to Paddy Power CEO, Patrick Kennedy, the firm has been actively
working on plans to enter the Italian online gaming market for 15 months. He
said that although Italy’s online betting industry is ‘immature and growing’,
there is enormous scope for growth.

The Firm Already Has Brand Awareness in Italy

What’s more, Paddy Power may already have the benefit of some brand awareness in
Italy, thanks to various ‘money-back specials’ and other marketing initiatives
that highlighted in the Italian media. This will no doubt make the Irish gaming
company’s job easier to introduce itself and its services to Italian betting

Paddy Power already has operations in Canada, Bulgaria and Australia,
and is also reportedly keeping its eye on other evolving European online gaming
markets such as Denmark, Germany, Greece and Spain.

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