Belfast Telegraph

Paddy Power profits leap

Betting giant Paddy Power has said a flurry of "bookmaker friendly results" at the end of last year helped it deliver a record set of figures.

The Irish bookmaker and online gaming group reported a 55% hike in 2010 profits to €104.2m (£89.7m), with the concluding stages of the World Cup contributing to a strong sporting result in the final six months.

Its gross win - the amount left by losing punters - rose 50% to €443.5m (£381.6m) and Paddy Power said 2011 had started well thanks to ongoing favourable sporting results and against weak comparatives.

Amounts staked rose 16% and gross win rose 38% in the first two months.

Paddy Power opened 31 new outlets last year, bringing its total to 124.