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Paddy Power’s positive results

Paddy Power, an iGaming online bookmaker revealed their financial results for the first half of 2011 that showed a positive 15% rise in its underlying profits before tax to €56.8 million over last year.

The online and mobile offerings from Paddy Power were the reason behind these results according to the Dublin-based Paddy Power. The gross wins increased by 28% to €143 million over last year aswell.

Paddy Power’s operating profit for its online division increased by 25% to €45.3 million when compared to last year, while PaddyPower.com’s active customers swelled by 48% over last year’s figure.

Paddy Power’s online activities also saw an increase of 35% to €101.1 million over last year and so did the operating profit that rose by 26% to  €36.5 million.

Lastly, Paddy Power revealed that the active online customers had transacted through mobile over the first six months of 2011 to generate 22% of its stakes, while the mobile sportsbook at PaddyPower.com had seen its turnover increase  by 279% over last year.

Patrick Kennedy, Paddy Power’s Chief Executive Officer stated that “this has been a great first half for Paddy Power.”

“The excellent performance of the online division and the success of our mobile offering stand out. We have continued to experience strong growth in the UK retail market and our Australian business has progressed well. Conditions in Ireland remain tough but our business is well positioned and we, therefore, remain confident in the prospects for the group in 2011 and beyond.”

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