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Online bets driving Paddy Power's growth
Just on half of Paddy Power's operating profits emanated from its online operations, the Irish company disclosed whilst announcing its 2008 first half results this week. Total income from the firm's online activities was Euro 67.3 million, a 10 percent rise on 2007 H1's Euro 61 million.
Operating profits from the online operations totalled Euro 21.1 million, a 43 percent rise on the Euro 14.8 million achieved in 2007. The UK and Irish retail activities of the group contributed Euro 21 million in operating profits, a slight decline on the Euro 21.9 million achieved in the same period last year.
Paddy's UK and Irish retail outlets generated gross income of Euro 151.8 million, a 6 percent increase on last time's Euro 143.7 million in 2007.
Sports betting results have been kinder to the players than the bookies, with a string of unfavourable results the statement noted. This prompted the company to downgrade its operating profit outlook for the full year from
approximately Euro 82 million to Euro 75 million, representing growth of Euro 3 million over the 2007 level of Euro 72 million." Sterling depreciation is also expected to reduce operating profit overall by approximately Euro 5 million.
Nevertheless, CEO Patrick Kennedy appeared satisfied with the company's first half performance, pointing out that the successes of the online divisions, which had contributed 47 percent of the group's earnings prior to interest and tax. Telephone betting operating profit was down significantly - by 47 percent - at Euro 2.9 million.
Expansion plans continue, with the group aiming to have 150 UK betting shops in operation by the year 2011.
Shareholders received a total of Euro 31 million in returns, still allowing the company to retain a cash balance of Euro 79 million at the end of H1 2008.
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.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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