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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.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
NBA Odds: Wizards-Celtics at the Garden -
The Washington Wizards are making this a series. They’ve won back-to-back games against the Boston Celtics to knot this second-round matchup at 2-2 with Game 5 at the Garden on Wednesday. TNT has the coverage starting at 8 PM ET.
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