Thursday March 6 ,2014 : PADDY POWER MULLS NEW OVERSEAS MARKETS
Company wants to focus on big, legal and regulated markets.
Speaking to reporters following the publication of the company's latest results (see previous InfoPowa reports), Paddy Power chief exec Patrick Kennedy said he wants to enter new markets overseas and offer more services in countries such as Australia and Italy if some types of online betting are made legal in those markets.
However, he would not be drawn on what those markets might be, saying that he was open to the possibilities of "anywhere that fits our criteria," and explaining that:
"They have to be sizeable, attractive, regulated markets where we can develop an edge."
Kennedy said that his company had decided not to participate in the new online gambling market in New Jersey due to the requirement that Paddy Power would have to partner with an Atlantic City casino.
Although Paddy Power had been in discussions with a number of New Jersey operators, the circumstances were not right, leading to the decision not to enter the market.
"We didn't feel that the economics were something that made sense for us," said Kennedy.
One of the markets that will probably not be on Paddy Power's expansion radar just now is Spain, according to the company's online gambling chief Peter O'Donovan, who said this week that following research into the possibilities the region does not meet the company's criteria, being rather smaller than ideal and very competitive, with high taxation.