The biggest online sportsbook in Ireland just keeps getting bigger: Thanks to expansion in France and Australia, cheeky bookmakers Paddy Power were able to report that projections have profits expected at 30% higher than in 2009.
Thanks in part to both massive betting on the 2010 FIFA World Cup and expanded operations internationally, Paddy Power reported crazy returns for the first half of the year, with gross intake up by a huge 117%, operating profit up 66% to €36.1 million, and pre-tax profit up 54%. Online wagering now makes up 73% of Paddy Power’s intake.
In the long-term, though, the biggest news for Paddy Power was the positive results of its diversification. In expanding to provide Internet betting in Australia by buying up 51% in Sportsbet as well as a French Internet casino/sportsbook with the former monopoly Pari Mutuel Urbain, Paddy Power’s regular customer base is bigger than ever. Current demographics show that 16% of its business online comes from Australia, while 43% and 39% are residents of the UK and Ireland, respectively.