Paddy Power Reports 42% Increase in Online Users
The Irish betting firm, Paddy Power, has experienced a positive start to the year with major rises in online gaming takings. The internationally renowned company revealed that it has enjoyed a 42% increase in the number of individuals using its web based services for the first six months of 2011. Although Paddy Power betting shops in Ireland have failed to make significant headway, the latest statistics reveal that the internet based business was responsible for generating €45.3m worth of operating profit – a figure which represents a 25% improvement on the previous year. Overall pre tax profits, meanwhile, also grew by 15% to reach €56.7m. Income was shown to have climbed by 18% to reach €241.9m.
Representatives have welcomed the news – noting that the numbers testify to the company’s strong hold on the developing mobile gaming market. More than a third of customers were shown to have made transactions using their mobile phones whilst online products were revealed to have contributed 81% of the overall operating profit. The company was also delighted to note that the number of new customers for the first half exceeded the total for 2010.
Commenting on the findings, Paddy Power Chief Executive, Patrick Kennedy, said that the firm was thrilled with the news. He noted that the reports suggested that the group had asserted its strong presence in the mobile betting market and was set to go from strength to strength in the months ahead. “We invested in a very good product”, he remarked in a statement. He went on to pay tribute to the positive impact of TV advertising and online marketing strategies.