Paddy Power starts 2011 strongly
Gross win increases by 21% year-on-year, with amounts staked via mobile up 298%.
Paddy Power has seen total gross win increase by 21% year-on-year between 1 January and 15 May, the company revealed in an interim management statement today.
The statement comes ahead of the Irish firm’s Annual General Meeting in Dublin this morning.
Sportsbook amounts staked rose by 14% in the same period, while gross win for its non-Australian online sportsbook was up 60% year-on-year. The company was able to boast a 298% growth in amounts staked via mobile, helped by the release of iPhone and iPad apps late last year.
Its Irish retail business took a small hit, with like-for-like gross win down 10%, but this did not stop what chairman Nigel Northridge has described as “continued momentum” following a “record” 2010.
Growth in Australia has also continued, albeit at a slower rate, following shareholders’ approval of the buyout of Sportsbet at an Extraordinary General meeting in February.
Northridge added that, despite the strong impact of the World Cup on 2010 figures, “the strong underlying momentum in the group should help to offset these factors, and consequently the board looks forward to the balance of 2011 and beyond with confidence.”