Paddy Power hits jackpot as it cashes in on internet gambling

IRISH bookie Paddy Power yesterday showed that the bumper year it experienced in 2012 will be easily surpassed this year, as a boom in online gaming continued.

Nigel Northridge, the company’s chairman, told Paddy Power shareholders at its annual meeting that revenues are up 20 per cent in the year to date. This was primarily caused by a surge in online sales – which are up 29 per cent – and in particular, mobile revenues, which have more than doubled on a year ago.

Paddy Power, which boasts of its early investment in online and mobile gaming, said that online now makes up 42 per cent of its sales, more than any competitor.

However, Northridge said yesterday that there is still life in the traditional bricks-and-mortar operation.

Paddy Power has opened 17 new retail outlets in the year so far, leading to an eight per cent rise in revenues at the division, although sales without the new properties were also up marginally.

The company has been boosted by favourable sporting results this year, with several unfancied winners of high-profile events improving its return. Although it suffered disproportionately from a bumper Cheltenham Festival for Irish jockeys, Northridge said football results had gone so well for Paddy Power that it had been able to pay out on Manchester United winning the title in February – two months before the feat was confirmed.