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Irish Betting Company Reports 52% Rise in Profits |
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Tuesday, March 4, 2008 |
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Paddy Power, Ireland’s leading betting company that trades on the Dublin Stock Exchange, recorded a bumper year in 2007. An impressive 52% increase in net profits was reported – a rise from $62.5 million in 2006 to $95.3 million last year. Thanks to Paddy Power’s expansion in the world of online gambling, 13% more people gave the company their business during the course of last year. Another reason why Paddy Power’s profits rose was a string of losses by Irish sports stars. Local punters naturally backed the country’s rugby team, which failed to even reach beyond the first round of the Rugby World Cup last year. The rugby team’s failure, together with poor local performances on the horseracing tracks, ensured that Paddy Power made a healthy profit last year. Its continued presence online, as well as its aims to double its land-based outlets in Britain within 3 years, means that the company can expect to enjoy this kind of financial success in the near future.
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