Online betting boosts Paddy Power revenues

17 May 2011102 Views

Irish bookmakers Paddy Power has benefited from a rise in the number of punters using their smartphones to make bets through its online service.

Group revenue is up 21pc in the year, according to the company’s interim trading statement, driven by a 33pc growth in online sales.

About 34pc of customers used their mobile phones to make transactions and amounts staked via phones were up a massive 298pc. Paddypower.com, the group’s UK and Irish online business therefore performed “particularly strongly”.

The amount of sports bets made online offset adverse results for retail, said Paddy Power. The UK market achieved strong growth in like-for-like sales as 14 shops have opened so far in 2011. However, the Irish retail arm has suffered poor sporting results, as well as a 1pc decline in the amounts staked. Although only one new store has been opened this year, the company said it expects to grow market share by the end of 2011.

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In terms of the company’s Australian business, sales so far this year have moderated compared to 2010. However, the company expects positive growth this year.

“The comparative period [in 2010] for the remainder of the year benefited from the football World Cup, as well as very favourable sports results.  However, the strong underlying momentum in the group should help to offset these factors, and consequently the board looks forward to the balance of 2011 and beyond with confidence,” concluded the statement.

This article first appeared on Businessandleadership.com

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years

editorial@siliconrepublic.com