Paddy Power to focus on Online
3rd March, 2009
Irish betting firm Paddy Power have announced it's plans to continue expanding it's online service in international markets. In recent years, increasing numbers of traditional offline bookies have focused on the online division of their business, looking to make the most of a rapidly growing internet market.
Paddy Power announced that 70% of its profit came from its online division, demonstrating how valuable this sector is for many gaming businesses. Operating a total of 10 sites including, casino, bingo, live betting, skill and poker products, the firm cover the full spectrum of internet games.
The online bookmakers profits rose an impressive 34% in 2008, with overall operating profits seeing a 5% increase to €75.5m. The results were encouraging after a difficult last two quarters, which were majorly effected by the economic in stability and exchange rate fluctuations.
For 2009, Paddy Power looks to continue improving and expanding it's online service in international markets.
Chief executive Patrick Kennedy said, "We have grown earnings per share by 10% in 2008 despite the challenging environment. Our online operations performed particularly strongly with a 48% increase in operating profit in constant currency. The results in the second half of 2008 also demonstrate the success of our strategy.”
By Jamie
