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Online Casino Success Grounds Paddy Power
 September 10, 2006, 12:00 pm (5 years ago)If the new governmental regulatory changes are enforced, Paddy Power will show interest in acquiring a land based casino license. This has been confirmed by the company’s chief executive Patrick Kennedy.
Recently, Justice Minister Michael McDowell has set up a taskforce to consider the legalization and regulation of the currently outlawed casinos. This has lead Paddy Power to explore the above said possibilities. The popularity of its online casino, which has accounted for half of the company’s profits, was during the first six months of the year.
Interim results from the bookmaker showed pre-tax profits up by 11.5 percent to €20.4 million on turnover up 27 percent at €877 million, turning over €48 million from the World Cup alone.
Paddy Power’s online divisions raised its customer numbers by 80% to 133,374, including 15,411 customers who only play casino games. Turnover was up 54% to €247m with profits up 19% to €9.7m. The company accredited the increase in profits to the strong growth from its internet business, which make up for listless earnings from its core betting shops.
Mr. Kennedy said, “We don’t know how it’s going to evolve in the next number of years, but we have already started looking at how best we can enter.”
In this era of online uncertainties, we can’t complain a man having his ear to the Ground! Can we?
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