Paddy Power report more financial positives in tough economic timesNovember 17th, 2012 / lee
Once again online betting site Paddy Power have produced another good set of financial results. They have grabbed a huge chunk of the mobile market, as the Irish bookie continues to stay ahead of some of its rivals. The revenues for Paddy Power were up 23% in the three and a half months to mid-November, compared to the same time period of last year. There was also a positive upswing from Paddy Power from their high street stores which took a 5% growth in revenue.
Paddy Power, who were shortlisted for Britain’s Most Admired Companies Award 2012 have continued to impressively push ahead and fight off the economic gloom of the recession. While they are sitting by and watching rivals William Hill try to purchase SportingBet in order to get a foothold in Australia, Paddy Power are already strong down under, as that is their biggest online market. Mobile phone bets from in Australia accounted for a massive 27% of all wager made on the Australian arm of the business.
This has all been a positive balance for Paddy Power on a whole, because the Australian results have offset a weaker UK market over the last three months, with rain cancelling a lot of the horse racing season and betting restrictions placed on the Olympics. The action though for Paddy Power over the last three months has still seen them push their sports book up 12% in usage. So the Irish betting site continues to grow but the high focus has not only been on the online and mobile angles.
Paddy Power plan to open 45 new betting shops across the UK, ten more than was previously planned, as they look to lure more punters away from their biggest rivals Ladbrokes and William Hill. In the six months to August, Paddy Power reported a 21% jump in half year profits, thanks to an aggressive market strategy for Euro 2012 matches.
Paddy Power have also said that they have benefitted from the poor performances on English clubs in the Champions League this season, as well as coming up big when Norwich beat Arsenal 1-0 in the Premier League, as favourites Arsenal had been backed heavily in accumulators. They also received a big boost when 19/1 shot Green Moon’s won the Melbourne Cup earlier this month.