Paddy Power’s in increasingly relying on the online gambling industry for much of its income as interim results for the first half of the year showed 81% of the group’s operating profit came from online. For the whole group underlying profit before tax for the group was up 15% to €56.8 with operating profit for their online division was up 25% on last year to €45.3m. That was alongside a total gross win of €143m (up 28% on last year) and the number of active customers growing to 833,347 (up by 42%). Not bad during the recession!
This all pales into insignificance when you look at the firm’s impressive performance in the growing mobile gambling industry. Turnover was up 279% to €157m and accounted for around 22% of total sportsbook stakes. It meant that 35% of sportsbook customers used the firm’s mobile offering and just goes to shows how important the mobile gambling industry is in this day and age.
Dressed in the trademark Paddy Power leprechaun outfit, Patrick Kennedy, Chief Executive, said, “This has been a great first half for Paddy Power. The excellent performance of the Online Division and the success of our mobile offering stand out. We have continued to experience strong growth in the UK Retail market and our Australian business has progressed well. Conditions in Ireland remain tough but our business is well positioned; we therefore remain confident in the prospects for the Group in 2011 and beyond.”
It’s also worth noting that the World Cup comparative period had about as much effect as the tournament usually has in their home country of Ireland – clue: it rhymes with bluffing.