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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.
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.
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