Paddy Power’s Improved Profits
By Staff
Irish land and online gambling group Paddy Power has reported that pre-tax profits for 2007 rose 53 percent to $115.32 million.

In addition, the Dublin-based firm stated that the performance of its Internet operations also improved by 13 percent to see annual revenues exceed three billion Euros for the first time.

Patrick Kennedy, Chief Executive for Paddy Power, said there had been a huge growth in online gambling with profits up 36 percent and gross wins, the amount backed minus the amount returned, doubling over the past two years. He revealed that profits were divided almost evenly between betting shops and online gambling but stated that the retail business was still strong with the firm adding 18 new shops last year.

Kennedy said the group's UK betting shop business traded profitably for the first time last year and it now planning more shops in Glasgow and Manchester in addition to its existing London base.

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