Monster profits at Paddy Power
5th March, 2008
The parent company of leading online gaming operator Paddy Power Poker has announced that takings rose a massive 53 per cent last year.
Publishing its 2007 preliminaries, Paddy Power revealed that profits soared from 47.6 million euros (£36.5 million) in 2006 to 75.8 million euros last year.
Increased takings were recorded in every single one of its divisions including its hugely popular online poker website, which will this month be hosting two of its largest ever online tournaments.
Paddy Power chief executive Patrick Kennedy said that the business had grown substantially over the past 12 months - progress which he attributed to the combined success of its land-based betting shops as well as the online gaming market.
"Pre-tax profits have grown by 53 per cent to €75.8 million, with strong growth in every division," he confirmed. "Particular highlights included the 57 per cent profit growth in Irish Retail, 44 percent growth in online gaming gross win and the turnaround of our UK Retail business."
The online poker operator is this month hosting the $2 Million Guaranteed tournament, which boasts a first prize of $400,000.
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