PADDY POWER FINANCES POWER INTO 2011


PADDY POWER has released its financial results for 2010 showing a 56 percent year-on-year increase


PADDY POWER has released its financial results for 2010 showing a 56 percent year-on-year increase in operating profits to €103.8 million helped substantially by the firm's iGaming activities.

The company revealed that its profits before tax for 2010 rose 55 percent year-on-year to €104.2 million while its net cash position improved from €75 million at the end of 2009 to €159 million as of December 31. Gross win for 2010 improved by 50 percent year-on-year to €443.5 million with its amounts staked growing 39 percent when compared to 2009 to hit €3.834 billion.

The operator also revealed that 72 percent of its total operating profits came from online activities while its PaddyPower.

com domain reported a 52 percent year-on-year rise in gross win to Ђ163.7 million with an operating profit up 26 percent when compared to 2009 to Ђ57.5 million.

In addition, mobile turnover was up more than three-fold compared to 2009 to Ђ112 million, which equates to eleven percent of its total sportsbook stakes, while 31 percent of online sportsbook customers now place their bets using a mobile device to generate 19 percent of its stakes.

"These are record results for Paddy Power with increased profits in all divisions," said Paddy Power CEO, Patrick Kennedy. "They demonstrate the benefit of our ongoing business development initiatives and investment, which position the group well for further growth in 2011 and beyond."
 
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