Paddy Power Online Betting Realizing Profits

Published Tuesday, March 04, 2014 - Online-Casinos.com
Paddy Power Online Betting Realizing Profits

The iconic Irish bookie Paddy Power has released its financials and they indicate the company has been doing well. In the preliminary results for the year, the firm posted net revenue of €745.2 million, an increase of 17% on the €662.7 million achieved in the previous year. Operating profit also grew by a small margin from €136 million in 2012 to €137.4 million in the last 12 months, whilst EBITDA also jumped 8% from €168.2 million to 176.9 million.

The firm claims the growth of its online gambling business operations as the reason behind a boost in its revenue. Paddy Power officials said that net revenue in the online sector was up 21% to €473 million while operating profit also was up by 10% to €108.1 million. The number of active users also increased by 19% to 1.9 million.  Paddy Power’s mobile betting  generated a net revenue of €212 million, an increase of 73% on the previous year. Revenue from mobile electronic gambling also grew an outstanding 143%.

The Chief Executive Officer of Paddy Power, Patrick Kennedy, commented on the results, “It was another good year for Paddy Power, with growth in every division and particularly strong growth in online which now delivers over three quarters of group profits. Kennedy added, “We continue to build out our industry leading penetration in mobile sports betting and eGaming: mobile net revenue powered ahead by 73% in 2013 and now accounts for over half of total online revenue. He continued,  “Investment in mobile will continue to be significant in order to take advantage of our market leading position and avail of its exceptional growth potential.”

Paddy Power is a good example of early investment in the mobile technology required to offer punters reliable and fun betting opportunities. Paddy Power has a reputation for being innovative and ahead of the curve when it comes to offering online gambling products.

 

 

 

 

 

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