Euro 2012 helps Paddy Power to a first-half win

Kasmira Jefford
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PADDY Power chief executive Patrick Kennedy said yesterday that a successful Euro 2012 campaign and its rapid expansion into online gaming had helped drive profits up by 21 per cent to €68.7m (£54.3m) in the first half of the year.

The Irish bookmaker said despite taking a “bit of a drubbing” from a string of adverse results since May, the group sailed through with a 29 per cent jump in revenue to €311.2m in the six months to 30 June.

PR stunts like the company’s decision to build a giant “vuvutruck” in response to Uefa’s banning of vuvuzelas helped Paddy Power attract €78m in bets during the tournament.

“We strongly promoted our brand, products and money-back specials during Euro 2012. This contributed to a 50 per cent increase in online customer acquisition for the half year,” Kennedy said.

Online sales jumped 41 per cent to €191m while mobile gaming revenue more than trebled to €53m. The group said two new mobile and table-led apps – a casino product called Roller and a sports betting-based social game called BetDash – will start contributing to revenue in the second half.

The group also continued its aggressive expansion overseas and entered the Italian online market in May, where it has already taken a four per cent share of the online sports betting market. It has also seen strong growth online in Australia.