Paddy Power sees profit surge after World Cup and acquisition

BOOKMAKER Paddy Power yesterday reported a 55 per cent rise in annual profits, helped by its expansion in Australia and World Cup betting.

Pre-tax profits rose to €104.2m (£89.6m) in 2010 from €67.2m in 2009, the company’s results statement revealed.

The 2010 figure included a full year’s contribution from Australian betting company Sportsbet.

Paddy Power first bought 51 per cent of Sportsbet in 2009 and took full control of it in December 2010.

The firm said almost two-thirds of its profits last year were generated outside of the Republic of Ireland.

Chief executive Patrick Kennedy said: “We are pleased with the results and our marketing has been very effective. The big thing in the betting industry would be the relaxation of betting laws as the US Prohibition does not work.”