Bookmaker Paddy Power Picks a Winner
Published: Monday, February 28, 2005 Online-Casinos.com
PADDY POWER PICKS A WINNER
Online gaming reduces volatility of sports
betting
UK media reports indicate that Irish bookmaker Paddy Power has
picked a winner in its move into online gambling with a 58 per cent hike in annual
profits.
Announcing recent company results, the betting company said
its move into activities such as an internet casino and mobile phone games helped
reduce its reliance on the more volatile sports betting business.
However,
a late run of sporting results in favour of punters meant record pre-tax profits
of 32.1 million euros (GBP 22.2 million) were still at the lower end of analysts'
forecasts.
The online division delivered an "outstanding" performance
in the year to December 31, contributing 8.8 million euros (GBP 6.1 million) in
operating profits.
