Paddy Power sees 30% rise in online revenue
Bookmaker Paddy Power today reported a 32% rise in online revenue for the early part of this year as well as an overall growth in betting volumes.
In an interim management statement released ahead of the company's AGM to be held in Dublin today and covering the period January 1 to May 16, the company said it continued to invest to maintain its business momentum and strong competitive position.
"Following a run of adverse sporting results in 2009, I am also pleased to report that the Group’s sportsbook gross win percentages have returned to normal expectations in the year to date," Group Chairman Nigel Northridge said.
The company said Irish retail amounts staked decreased by 2%. On a like-for-like basis excluding new shops, bet volumes increased by 5%, amounts staked decreased by 5% and gross win decreased by 6%.
The company said it was looking "with confidence" to the rest of 2010 and beyond.
