This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
Dublin: 10 °C Wednesday 19 February, 2020

Cashing in: Paddy Power revenue jumps

The success of the Irish owned bookmaker continues to grow thanks to online gambling.

Paddy Power logo
Paddy Power logo
Image: David Davies/PA Archive/Press Association Images

IRISH GAMBLING GIANT Paddy Power has reported a 20 per cent growth in revenue since the beginning of the year.

The year-on-year results were announced at the firm’s annual general meeting in Dublin this morning.

The company achieved a record €5.7billion turnover last year and operating profits totaling €136million.

This year, the bookmaker, which also has operations in the UK, Australia and Italy, is  continuing to grow.

Compared with the same period last year, the company has seen a 29 per cent increase in revenue from online sales and an eight per cent growth in the retail market.

Net retail revenue for Ireland took a slight knock, down six per cent, but amounts staked were up three per cent.

The company opened six new bookies in Ireland last year and a further 17 in the UK.

“Sports results have been favourable overall, with the Group’s sportsbook gross win percentage above our normal expectations and above the equivalent period last year, notwithstanding a record number of Irish trained winners at Cheltenham,” the company said.

It added: “In fact, football results were so good that we could afford to pay out on Man United as Premier League winners in early February.”

Read: Online customers for Paddy Power double as profits grow >

Read: 9 things we learned from Paddy Power’s annual report >

  • Share on Facebook
  • Email this article

About the author:

Read next: