Paddy Power Announces Excellent Financial Performance

Paddy Power, the popular Irish bookmaker and provider of various online bingo, poker, and casino games, has just reported on an increase in turnover in the period between July 1 and mid-November. The excellent performance of the group was ascribed to advantageous sports results.

Online sportsbook stakes rose by 18% and retail ones marked a 3% increase. Total revenue grew by 38% compared to last year’s results.

Paddy Power also achieved a 42% rise in turnover from online activities on the back of a 49% jump in sportsbook and a 20% gain in eGaming, as well as B2B activities. Stakes from online activities rose by 18% – a 21% rise was posted in Australia, coupled with a 16% increase outside the Aussie market.

Paddy Power spokesperson also announced that they were particularly pleased with their performance on the mobile sector. It turns out that 58% of their total online turnover for the above-mentioned period was generated out of mobile devices.

Paddypower.com, the company’s UK and Irish online platform, posted a 59% rise in its sportsbook net revenue. Turnover from eGaming and business-to-business activities increased by 19%. What is more, the number of active clients grew by 33%, 23% of which were attracted during the FIFA World Cup. Paddy Power’s Italian site performed in a more than an impressive manner, posting a 72% increase in net revenue for the period in question.

The bookmaker and gaming provider’s retail business also did well. This year, the company launched a total of 73 shops – 53 within the territory of the UK and 20 in Ireland. Thus, their total number reached 562.

Paddy Power’s Irish-based business announced a 4% rise in bettor’s stakes. This brought an 11% increase in net revenue. Stakes in UK retail business rose by 2%, turnover from sportsbook by 20%, and revenue from machine gaming by 12%.

It is extremely important to note that the company reported on not having any debts. In fact, it had €279 million in cash by November 16 – €206 million, if customer balances are excluded.

Back in September, Paddy Power as well as some other major betting companies established the so-called Senet Group, an independent organization whose main objective is to encourage reasonable and responsible gambling standards. A standards commissioner was appointed as a head of the body. Paddy Power shared that they have already taken due measures, concerning their advertising campaigns and more particularly TV commercials. The betting operator also announced that a socially responsible initiative is to be launched in January 2015.

Towards the end of the year, the Responsible Gaming Trust is expected to release its research on machine-operated gaming in the United Kindom. Paddy Power stated that they are keen on seeing the results.