Flourishing site will expand products in attempt to further increase profits
Wednesday 27th October 2004
Leading Irish bookmaker Paddy Power is set to add a facility for online poker to its site. The already prospering company is looking to expand its offerings and tap into the lucrative and still growing online poker market. The expectation is that the additional area should further boost the revenue earned from the online branch of the company, which is already exceeding targets.
The communications manager for the company said of the plan “Online poker is a logical extension of our current activities. We hope to have it ready in the coming months.” Financial results for the online branch of the company are very strong so far this year. For the first half of the year operating profits were valued at €3.6 million, far exceeding the original forecast of €1.8 million for the entire year. The online casino section of the site is thought to have contributed €1 million of that profit.
These strong figures have been produced before the full expansion of the site into the British market. Paddy Power have been slowly expanding into the British market over the last two years, and will continue to do so. With this expanding of the reach of the site, alongside the expansion of their products, the financial results should continue to be strong for Paddy Power.