Belfast Telegraph

Paddy Power bets on more growth

Paddy Power has increased its annual profits by 16% as it vowed to ensure it is within the "big-get-bigger" category of bookmakers.

The Dublin-based firm said it was a period of "game-changing" developments for the industry, particularly in online betting and new markets.

Paddy Power took 4.6 billion euros of wagers last year, an increase of 19% on the World Cup year in 2010, while pre-tax profits were up to 121.2 million euros.

Chief executive Patrick Kennedy said that with only 9% of the 285 billion euros global gambling market currently online, there was significant scope for continued strong market growth.

He said that scale will be a pre-requisite to take advantage of the opportunities: "Put simply, we are determined that Paddy Power will be in the 'big-get-bigger' segment of operators."

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