World Cup boosts Paddy Power profits 26/08/2010 |
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Irish bookmaker Paddy Power has reported a 54 per cent rise in half-year profits to £43m.
The company said it had been boosted by a six-fold rise in profits from its UK betting shop estate after it opened 27 new premises in the period to June 30.
It also confirmed it had made £15m from losing punters through the 2010 World Cup.
Paddy Power chief executive Patrick Kennedy said: "As ever, our financial performance is subject to the glorious unpredictability of sport.
"Overall though, we finished up a little ahead of our normal expectations and certainly a good deal better than where we were last year."
The firm's profits were hit last year by unfavourable horse racing results and a clean sweep by Irish teams of rugby's Grand Slam, Heineken Cup and Magners League titles.
Paddy Power customers bet £70.5m on the football World Cup in South Africa.
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