The bookmaker Paddy Power has reported a 32pc growth in revenue in its online operations during the first five months of 2010 compared to the same period in 2009.
In a trading statement issued ahead of the group’s AGM in Dublin today, Paddy Power said that following a run of adverse sporting results in 2009, its gross win percentages have returned to normal expectations in the year to 16 May.
The group said the amounts being staked online per bet are up almost 20pc during the period compared to the same period last year and that the volume of bets being staked is up 40pc.
Results were less impressive in the bookmakers’ retail and telephone betting divisions, however. Paddy Power said the amounts staked in its Irish retail division during the period fell 2pc compared to last year. The number of bets staked rose by 5pc, however, as gross win fell by 6pc.
The bookmaker said its telephone bet volumes grew by 18pc but a decline in average stake resulted in a 2pc decline in turnover. However, it added that gross win in this division grew strongly to return to a normal gross win percentage.
“As a result of the strong momentum in the business, significant ongoing investment to enhance our competitive position, and the upcoming World Cup, the board looks forward to the balance of 2010 and beyond with confidence,” Paddy Power said.
In related news, the Taoiseach Brian Cowen said last week that the Government intends to tax online betting and introduce legislation that will require overseas betting providers selling products into Ireland to be licensed.
Article courtesy of Businessandleadership.com