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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.”

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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