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Surge on online betting sends Paddy Power profit up 16 per cent

Over €4.5 billion was bet with Paddy Power last year, sending its pre-tax profit up to €121m with dividends of €1 per share.

Image: Sasko Lazarov/Photocall Ireland

BOOKMAKER PADDY POWER has reported an increase in pre-tax profits for the 2011 financial year, with a surge in online and mobile betting offsetting falling profits in its Irish retail arm.

The bookmaker’s pre-tax profit for last year hit €121 million, up from 16 per cent on 2010, with operating profits up by 15 per cent to €119.5 million.

79% of the bookmaker’s profits now come from bets made on its website or through its smartphone-friendly websites, according to its annual earnings figures published this morning.

The bookie accepted a total of €4.555 billion in bets last year, up from €3.834 billion in 2010, with online bets up by 39 per cent and bets accepted in its UK retail premises rising by 36 per cent.

The Irish retail operation only saw bets increase by 3 per cent, however, where profits fell by 38 per cent. Profits from the paddypower.com business, meanwhile, were up by 29 per cent, and the online business now boast 907,000 active online customers outside of Australia.

The bookmaker intends to pay a dividend of €1 per share for the coming year, up from 75c last year.

Shares in the bookie were trading at £45.43 in pre-trading at the London Stock Exchange, a rise of 52p or 1.16 per cent.

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Gavan Reilly

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