Online Betting Up For Paddy Power
Published: Saturday, March 04, 2006 Online-Casinos.com
INCREASED ONLINE BETTING CONTRIBUTION FOR PADDY POWER
Irish bookie says biggest contribution came from online operations in 2005
For the first time, online operations made the biggest contribution to betting group Paddy Power's bottom line last year in a show of disappointing 12 month results.
Pre-tax profit for the period was down 2.5 percent on last year to Euro 31.3 million on revenues that increased just over 18 percent to Euro1.37 billion. Online operations accounted for 56 percent, contributing Euro 577 million, while online operating profits grew strongly by 92 percent to Euro 21 million.
The shift towards online action accelerated in 2005, said a company spokesman, was in part due to last year's launch of its poker product. Online active customers now number 73 661, up from 2004's total of 46 703 with the biggest growth in the gaming only membership which surged from 2 338 to 11 227, well ahead of sportsbook-only clients.
CEO Patrick Kennedy said the group has European expansion plans for 2006, but was taking a more cautious approach to the US market: "There is an obvious temptation to take a brand such as ours to places such as New York and Chicago. But we need to manage our growth and the legal situation there remains a grey area" he said.
Kennedy emphasised that the group's online business continued to grow impressively and was a more important part of the overall proposition, adding: "The growth in the past few years in our non-retail (online) channel has been truly impressive. In addition to our sportsbook offering through both telephone and internet channels, we have successfully introduced casino products, gaming products and poker."
He blamed the fall in profits to a bad run of results and structural change in the company's home market.
The company appointed Jack Massey as finance director. Massey is an experienced executive who was formerly with technology investment group ITG Europe as chief operating officer, and will take up his new responsibilities in April.
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