BUSINESS

Paddy Power sees unprecedented mobile growth; Betfred put forward Tote case

TAGs: Betfred, Paddy Power, Tote

Paddy Power releases impressive revenuesPaddy Power has seen unprecedented growth in the mobile sector help carry their momentum from last year. This morning’s Interim Management Statement (IMS) reports that revenue for the company as a whole is up 21% for the year-to-date with Paddypower.com improving by 33% over the same period. The total staked at Paddypower.com’s sports book was also subject to an increase of 46%. Mobile is where it’s at right now though and Paddy Power is no different in this respect.

Mobile stakes were up by 298% over the first part of 2011 with the amount of customers conducting transactions through mobile devices up 34%. Must have been that huge shipment of lucky heather they got in over the winter months!

Prior to the company’s AGM later today, chairman Nigel Northridge said, “2010 was a record year for Paddy Power with increased profit in all divisions. Significant investment to build scale saw us agree to buy out the minority shareholders in Sportsbet in Australia, establish a market leading position in mobile internet betting and expand our UK retail estate to drive an almost six-fold increase in its profitability.”

Australia was the only part of the company that slightly underperformed as growth was slightly slower than 2010. It still saw growth and that’s nothing to be scoffed at.

Betfred Tote commentsElsewhere in the UK betting market, the race for the Tote is heading round Tattenham Corner and towards the line. The result is expected next week and it looks like an all out heads-up between Betfred and Martin Broughton’s consortium. According to quotes carried by Reuters, Fred Done has revealed that their offer for the Tote is £200m and is a “wonderful deal” for taxpayers.

“I believe that we’re paying a full price for the business. I think taxpayers have got a wonderful deal for themselves,” Done said.

“For 200 million pounds, I think that Lazard has squeezed the pips. Racing has got a great deal out of it.”

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