Paddy Power reveals record profits in first half of the year
Wednesday 31st August 2005
Paddy Power, the Irish Bookmaker and online gambling site, has revealed it has made record profits in the first half of the year, most of it from online betting. The group was delighted to report operating revenue of €17.8m for the first six months of 2005. Part of its success has been attributed to the growing online success of its www.paddypower.com site, where online poker has been performing particularly well.
Paddy Power’s database of online players has passed the seventy thousand mark, for the first time Internet profits have overtaken the company’s high street betting shops’ profits. The online portion had increased by 62.5% to a healthy €175.2m.
Paddy Power’s Director of Finance, Ross Ivers declared, “We are now reaping the rewards of our strategy of investing upfront in our start-up businesses with our online channel now generating record earnings and set for continued expansion.”