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Online business improves for Paddy Power

Irish operator reveals that total online gross wins rose by 32 percent year-on-year for the first few months of 2010.

Friday 28th May 2010

Irish online and land-based betting operator Paddy Power has released a trading update for the opening months of 2010 (1 Jan to 16 May 2010) showing a 19 percent year-on-year increase in the amounts staked through its online sportsbook. The Dublin-based firm also revealed that bet volumes for its Internet sports wagering service increased by 39 percent compared to the same period in 2009 while total online gross wins increased by 32 percent year-on-year. Paddy Power stated that its gaming gross wins grew by 32 percent year-on-year driven by its games, casino and bingo services, which have ‘benefited from additional direct investment in product, people and promotion as well as the strength of our sportsbook’. However, the firm revealed that this growth had seen operating costs and investments to drive future growth increase with its operating profit to date ‘modestly ahead of our expectations’. “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.” Paddy Power stated that the firm held net cash of €96 million as of the end of April and before the payment of a final dividend of €19 million. This amount included customer balances of €37 million and was net of €16 million in debt from its Australian subsidiaries. “2009 was a year of significant developments for Paddy Power,” read the statement from Northridge. “We grew our turnover and market share across all our channels and expanded internationally through successful acquisitions in Australia, continued shop openings in the UK and a business-to-business agreement in France. “As a result of the strong momentum in the business, significant ongoing investment to enhance our competitive position and the upcoming World Cup, the board looks forward to the balance of 2010 and beyond with confidence.”

Source: OnlineCasinoNews

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