Online Bookie Paddy Power Top Exec Takes Home €4.9 million

Published Friday, April 05, 2013 -

The advancement of online gambling in the United Kingdom has seen certain firms make great leaps financially. William Hill still tops the pile of operators who have embraced online and continues to lead the pack in services.

Paddy Power has done very well with its efforts to put them on everyone’s minds with advertizing that smacks you in the face as their company’s own web site points out. Paddy Power was founded in 1988 by the merger of three existing Irish bookmakers and ever since continued to provide an unconventional approach to punting. Paddy Power has become the third largest online bookmaker and sixth largest online gambling business in Ireland and England. The acquisition and growth of Sportsbet and IAS made us the number one online corporate bookmaker in Australia. The company’s current worth is impressive.

The Chief Executive Officer, Patrick Kennedy, of the firm owns about €34 million of stock. A recent statement issued to the Irish Stock Exchange revealed that Kennedy cashed in approximately 71,500 shares at an average price of €68.20 for a net total of around €5 million. A good move by Kennedy seeing the stock value of Paddy Power soar by 47% as its profits hit all-time highs and its online betting business continues to expand nicely in regulated international jurisdictions.

The company reported profits of nearly €140 million in the first financial quarter report. Paddy Power boasts 1.6 million active users globally. A significant increase of 44% over last year’s results. The strategic expansion has been in the UK, France, Italy and of course Australia. Kennedy has something to crow about with the annual report coming soon the executive is expected to see some reward for the growth under his watch. Investors are a happy bunch for sure with dividends that are substantially better than many.

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