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PaddyPower Earnings Results
Latest business update shows that World Cup betting helped boost earnings
The UK online and land betting group Paddy Power reported in a trading update this week that it is on track for good 2010 full year results that will likely show a 30 percent rise in earnings.
The update notes that in the second half of its financial year the company benefiting significantly from betting on the football World Cup, which delivered a total gross win of Euro 18 million - over 400 percent up on Euro 2008 and the 2006 World Cup. Group pre-tax profit for the six months to June 30th rose 54 percent to Euro 52.5 million.
Chief executive Patrick Kennedy reported that the group had upped its financial game considerably with gross win up 117 percent to Euro 112 million and operating profit up 66 percent to Euro 36.1 million, with a particularly outstanding performance from online activities, which accounted for an impressive 73 percent of operating profit.
The update covered the acquisition of a controlling stake in Australia's Sportsbet, and the group's entry into the French market in a five year partnership with Pari Mutuel Urbain.
Australian operations appear to have been rewarding for the group, which reported an online gross win Downunder which soared 45 percent, and an operating profit of Euro 7.9 million.
Group players are spread across the UK (43 percent), Ireland (39 percent) and Australia (16 percent).
“The group's strengths - product innovation, better value for customers and brand differentiation - position us well for further growth,” chief executive Kennedy reported.
“We have significantly strengthened our online market position, ending the period with greater scale, more customers and enhanced capabilities, as well as substantially higher profits, compared to a year previously. At the same time, we continued to expand internationally, whilst increasing market share in retail.”
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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