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Gambling: PaddyPower Profits Decline
3/2/10 - The Irish online and land betting group Paddy Power felt the pain of weaker Irish and UK economies and a run of results that favoured the punter last year, it revealed as it posted its 2009 numbers this week.
Despite a hefty increase in turnover of over a third, the company suffered a slide in pre-tax profits of 15 percent compared with FY 2008, recording a decline to Euro 67.2 million (FY 2008: Euro 79 million) on turnover that soared 36 percent to Euro 2 752 million (FY 2008: Euro 2 101 million).
The betting company invested over Euro 10 million more on advertising than it did in 2008, growing active sportsbook customers by 21 percent over the 2008 advances, with total amounts wagered up by 32 percent as online sportsbook bet volumes rose 55 percent.
Management's faith in Internet gambling continued to be vindicated as online operations posted a record profit of Euro 45.7 million, 7 percent up on FY 2008, accounting for an impressive 75 percent of the group’s full-year operating profit, compared to just 57 percent in 2008.
The profit problem was the number of times punters won on sports bets, which resulted in an overall reduction in group gross win of some Euro 29 million over the year.
Strategically speaking, the company enjoyed a good operational year, expanding into Australia through IAS and Sportsbet and gaining access to the soon-to-be-liberated French market via a canny B2B deal with state monopoly Pari Mutuel Urbain.
Business appears to be looking up, according to chairman Nigel Northridge, who said that trading in the current year had so far been satisfactory despite bad weather in the UK.
Gambling News :
Alegriabet Finally Launches -
Our online betting site will deliver a full, market-leading suite of services including pre-match and live betting as well as virtual sports
International Table Tennis Federation in deal with Sportradar. -
The International Table Tennis Federation (ITTF) has today announced it has signed a brand-new integrity partnership with Sportradar utilising the organisation’s world-leading monitoring, intelligence and prevention solutions to help safeguard the sport against match fixing.
NBA odds on Thunder vs. Pacers Game? -
This Wednesday night in Indianapolis, Paul George is due to play his first game at the Fieldhouse as a member of the Oklahoma City Thunder (12-13 SU, 8-17 ATS). But George might not face the Indiana Pacers (15-11 SU, 16-10 ATS); he’s listed as day-to-day with a right calf contusion. Tip-off is at 7 PM ET on ESPN.
2 New Christmas Slots For Microgaming -
Microgaming’s jolly game additions this December. Microgaming adds two more games to kick off the festive season, in addition to its action-packed Highlander online slot.
SportsBetting Supreme Court Showdown -
Sports Law, Betting and Integrity leaders convene to preview Supreme Court Showdown. Thought leaders weigh in on Christie vs. NCAA (which in January will shift to Murphy vs. NCAA)
NBA Odds: Heat Can Burn Cavaliers in Cleveland -
The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.
Games Concept Day in Malta -
The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.
AFC’s fight against match-fixing -
The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.
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