Paddy Power Announces Record Profits in First Half Results
By Miriam H
Ireland’s largest bookmaker and online gambling provider Paddy Power has announced a 53 percent surge in its first half operating profit hitting €14.8 million.

During the first half of 2007 the total amount wagered at the firm’s online sportsbook increased by 19 percent to €279 million with the average bet value increasing by 3 percent to €28.36. The company’s online gaming division, that gives customers access to fixed odds sportsbetting, poker, casino, bingo and skills gaming services, also increased its net revenues by 42 percent to reach €18.4 million.

The impressive figures only represent a small fraction of Paddy Power’s potential growth and revenues are set to climb further thanks to the company’s investments in its German and Spanish language sites, and ongoing product development including adding online bingo and financial spread betting facilities to its gaming portfolio.

'Strong trading has continued into the second half of the year, and we look forward to the remainder of 2007 and beyond with confidence,' commented CEO Patrick Kennedy.

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