Paddy Power becomes Ireland’s eighth largest company

Steven Stradbrooke
November 26, 2010
5 Comments

paddy-power-ireland-eighth-largestYou don’t have to be a top-level economist to recognize that Ireland’s economy is in a shitload of trouble. The country’s supposedly respectable and responsible financial institutions placed some wild bets during Ireland’s ‘Celtic Tiger’ boom years, but ever since the bottom fell out of the property market, the Tiger has been declawed, defanged and reduced to a giant pussy. Humbled, the government had to go cap in hand to the International Monetary Fund for a bailout, but even with promises to both slash spending and raise taxes, many observers feel Ireland’s financial woes are far from over.

There is, however, one finance-related company that is doing just fine, thank you very much. Fresh off the news that it was creating 500 jobs in Ireland over the next three years, Paddy Power has seen its market capitalization rise to €1.4b, making it the nation’s eighth largest company. By way of comparison, the Bank of Ireland’s total valuation has fallen to €1.2b. Proof that it’s quite often a better bet to leave the gambling to the people who do it for a living.

If you have any further information related to this story that you would like to share with us privately please click here.

Can't get enough CalvinAyre.com? Follow us on Twitter and Facebook, then you'll never miss out on the latest gaming industry news.

Share
Tags: Article, Ireland, Paddy Power
Views and opinions expressed are those of the Author and do not necessarily reflect those of CalvinAyre.com
  • http://topsy.com/calvinayre.com/2010/11/26/business/paddy-power-ireland-eighth-largest-company/?utm_source=pingback&utm_campaign=L2 Tweets that mention Paddy Power becomes Ireland’s eighth largest company — Topsy.com

    [...] This post was mentioned on Twitter by Calvin Ayre and James Boyer, Dyiron dela Croix. Dyiron dela Croix said: Paddy Power becomes Ireland’s eighth largest company http://bit.ly/gSBi6A [...]

  • http://calvinayre.com/2010/12/17/business/irish-budget-includes-tax-for-bookmakers/ Irish budget includes tax for bookmakers

    [...] has taken note of the industry’s performance, and in particular probably that of Paddy Power – the company that is now bigger than the Bank of Ireland. Fact.In his budget speech last week, the country’s Minister for Finance told his peers that they [...]

  • http://calvinayre.com/2011/01/11/legal/full-tilt-former-employee-in-hot-water/ Full Tilt former employee in hot water

    [...] thought was staffed entirely by leprechauns standing at various ends of an everlasting rainbow, Paddy Power, has proved that real people do work for them.As far as public companies go Paddy Power’s [...]

  • http://calvinayre.com/2011/02/24/business/paddy-power-not-open-in-canada/ Northern Ireland bet shops may open Sundays; Paddy Power not open in Canada

    [...] on stakes and prizes to bring Northern Ireland more in line with what’s available in the UK.Ireland’s eighth largest company Paddy Power has a presence in Northern Ireland ever since its 2008 acquisition of McGranaghan [...]

  • http://calvinayre.com/2011/09/21/legal/ireland-modernize-gambling-laws/ Irish legislation due in Spring | Legal news

    [...] Paddy Power’s status as the country’s 8th largest company making it larger then the Bank of Ireland it’s clear that it’s about time the country did something about their archaic gambling industry [...]