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PADDY POWER BOSS LEAVING ON A HIGH NOTE
The Paddy Power betting group has announced an increase in operating profit of 59 percent to Euro 72.1 million, a high point at which chairman and non-executive director Fintan Drury has decided to step down at the end of the year after six years in the chair.
A senior independent director of the company, Nigel Northbridge will take his place.
Reporting the company numbers, Drury said: “We have been pleased with turnover across the group, with satisfactory growth at constant exchange rates in all businesses, apart from the telephone betting channel where as expected the amount staked has been broadly in line with last year.
"2007 was an excellent year for Paddy Power with strong growth in gross win and operating profit in all channels and an overall increase in underlying operating profit of 59 percent to Euro 72.1 million."
Drury continued in bullish mood, pointing to the first 20 weeks of operations to 13 May, which have been characterised by favourable sporting results and top line growth that have more than offset adverse foreign exchange movements resulting in gross win ahead of expectations.
"We have been pleased with turnover across the group, with satisfactory growth at constant exchange rates in all businesses, apart from the telephone channel where as expected the amount staked has been broadly in line with last year," Drury said, adding that the outlook for the company remains strong.
However, Sterling depreciation against the Euro will reduce group operating profit by approximately Euro 5 million, assuming an average exchange rate for the remainder of the year in line with current levels, Drury opined. This will be more than offset by the benefit of the favourable momentum and sporting results to date.
"The group now expects operating profit of approximately Euro 82 million in 2008, which would represent growth of 14 percent compared to 2007 and is 8 percent above the current consensus forecast," the chairman concluded.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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