Future Looks Bright for Bookmaker Paddy Power
Paddy Power has put in a bid for a license to supply and operate mobile betting equipment in the US state of Nevada; however, they will not know the outcome until next year.
According to their Chief Executive, Patrick Kennedy, it was initially believed that the application would be processed this year. If their application is accepted then they shall be the first European company to receive a license to operate in Nevada. Thanks to a change in the law it is not legal to gamble in hotel rooms and non-gaming areas of Nevada casinos.
Over the last quarter the company has seen a rise in the number of customers at its website with a 31% rise in the amount spent on sports betting. Revenues from their games also jumped a massive 33%. They have also seen a significant increase in the number of people using their mobile portal.
Paddy Power has also agreed to a deal to buy CT (Cayetano) Networks Limited, a games developer with its headquarters in the Isle of Man. Cayetano provides online casino software and Paddy Power will now be using their software on its online gaming websites. A cap has been placed on the value of the deal and a final price will be finalised depending on performance over the next few years.
Paddy Power has now said that they are expecting earnings per share to rise between 15% and 20% in the current financial year.
However, the retail business in Ireland is still suffering. Whilst more bets were placed, the value of the bets dropped by 6%. Patrick Kennedy has said that he expects to see a rise in business now that Ireland has qualified for the Euro 2012.