Paddy Power Expanding Once Again Into International Territory

Published Monday, March 05, 2012 - Online-Casinos.com

Paddy Power the Dublin Ireland based gambling operator has been growing in leaps and bounds lately and again has announced it will continue that tack with plans to move into the Italian gambling market in the near future.

Reported gaining ground in Australia and other foreign markets Paddy Power saw a record turnover of €4.6bn last year, up from €3.83bn in 2010.
Paddy Power’s Chief Executive Officer, Patrick Kennedy, commented on the international expansion of the company, “Consumers’ online migration has accelerated as a result of the advent of smartphones and tablet computers. With only 9 per cent of the €295bn global gambling market currently online, there is clearly significant scope for continued strong market growth,”

The entry into the Bulgarian and Canadian markets recently has proved to be a good investment with short term yields coming in strong. Mobile online betting has surged with a reported 1.1m active customers, who accounted for 79 per cent of Paddy Power’s operating profit in 2011.

Paddy Power is well on the way to penetrating the newly regulated Italian online gambling market with a launch planned in 2012 hopefully before the European soccer championships begin in June. Kennedy said the championship could add €50m-€60m to turnover maintaining the Olympics would have less impact, estimating only 0.5 per cent revenue growth.
Domestically the Irish icon has continued to grow in the U.K. with the launch of 41 new betting shops bringing the total to 165 in the U.K. The firm intends to expand by 35 to 40 new shops over the next three years. Paddy Power is watching the progress on new tax laws in the U.K. and Ireland expecting less profit due to higher taxes. The company is concerned a regime with high taxes will drive players to offshore operations where the competitive edge is seen in lower prices. The company plans to look into even more international activity in the USA as well as other newly regulated jurisdictions such as Denmark, Spain and Germany.

 

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