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.