Paddy Power Profits Soar 56% To €103.8 Million In 2010March 7, 2011 11:39 am
Irish bookmaker Paddy Power has just announced its financial results for 2010 showing a 56% leap in the company’s operating profit to €103.8 million.
Over half of the company’s impressive tally was accounted for by its online unit called Paddypower.com, which operates poker, casino, and bingo games. In these areas gross win had soared 52% to €163.7 million with operating profit rising 26% to €57.5 million.
Commenting on their poker offering a Paddy Power spokesperson said:
“Our Poker business continues to perform well relative to its peers but faces ongoing challenges from sites taking play from the U.S.”
“In this context, we were pleased to increase new player sign-ups helped by our sportsbook growth, another successful Irish Open Poker Tournament and the towering achievement of a world record chip stack at our Irish Winter Festival.”
Paddy Power’s online results were also helped along by the 51% purchase of online sports and racing bookmaker Sportsbet in 2009, before then taking full control of the company at the end of 2010.
Some of the sporting results contributing to Paddy Power’s strong performance in 2010 included loyal England football fans betting heavily on their side to win against group rivals during the World Cup. England ended up drawing against both America and Algeria, with a clearly delighted CEO Patrick Kennedy commenting:
“We had the best England price for most of their matches. Those draws were two of our best results ever.”
Commenting on the company’s strong online presence compared to rival company’s such as Ladbrokes, CEO Patrick Kennedy also said:
“I think that some brands will work on the internet and some won’t. We are one of the former, but I will leave it at that.”
Going forward, the company has said 2011 has got of to a good start with the amounts staked already up 16% and gross win rising 38%.
After the impressive results were announced Paddy Power’s share price, which has ranged between 22.35p and 31.10p over a 52 week period, rose to 29.50.