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Dublin: 6°C Thursday 21 October 2021

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 >

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