Paddy Power, the Irish bookie with the happy-go-lucky attitude, today celebrated a bumper year and said revenues were still surging.
The company told its annual meeting in Dublin that the rise in online betting, especially on mobile phones, seems unstoppable. Revenues are up 20% in 2013 so far, driven by 29% growth in online revenue.
The high street arm is still up, 8%, defying predictions that the shops will soon be history.
Results on the field have been in the bookies’ favour, with favourites falling on a regular basis.
The company’s sportsbook gross win percentage is above its normal expectations and above the equivalent period last year, notwithstanding a record number of Irish-trained winners at Cheltenham.
Chairman Nigel Northridge said: “In fact, football results were so good that we could afford to pay out on Man United as Premier League winners in early February!”
He added: “In 2012 Paddy Power achieved record turnover of €5.7 billion and operating profit of €136 million … the group’s strong growth has continued into 2013, in line with our expectations.”
Paddy has cash on hand of €238 million (£202 million) to fund expansion plans. It is investing in its online Italian arm as well as expanding its gaming range. Live casino games are starting this week online and on mobiles.
