Paddy Power Reports Interim Profits
The report, which covers the period from July 1 to November 15, says Paddy Power revenue was up a whopping 9% across the board.
Much of that success was due to the blazing hot performance of Paddy Power’s Australian operations, which operator under the Sportsbet moniker. According to the report, as reported on by Independent.ie, Paddy Power’s Australian arm saw incredible increases in almost every category.
That division saw its turnover increase by 33% and revenue rising up by 25%. All that new revenue was certainly driven by the 22% increase in new players and a 38% rise in telephone betting.
On the flip side of all this good news is one, sobering fact; without the Australian operation, Paddy Power’s online sports revenue would have actually been down 12% and online revenue as whole would have been down 3%.
Company officials said the bookmaker was hit hard by a series of negative results in the soccer market, including the World Cup. A spokesperson for Paddy Power told the media:
While sports results in the period were unfavourable across the sector, for Paddy Power this has been offset by strong underlying growth. In online, sports betting stakes were up 23%c and total net revenue was up 7%. In retail, sports betting stakes grew by 12% and total net revenue by 7%.
All told, Paddy Power seems poised for continued growth and it’s very likely that whomever suggested the company move into Australia is going to get a big, fat raise.