Online Casino Transfer: News - Paddy Power Struggles

03/13/2010		Online Casino Style: News Paddy Power Struggles
Home History Games News Dictionary		Another well-known internet casino group has posted its final 2009 revenue numbers for the online gambling world to see this week, with less than perfect pre-tax profits being revealed in the report. According to the statement balances published by Paddy Power, the leader in online gambling for Ireland, weaker Irish and United Kingdom economies had a significant effect on the revenue made (or not made, in this case) by the firm. Also, as the group carries a strong sports betting following, a favorable year for the punters has left investors high and dry – though players are ecstatic. Compared with the previous year, 2008, the last quarter of 2009 saw an unfortunate drop in pre-tax profits equaling 15 percent, despite the healthy numbers registered for the same category in the third quarter. The decline came to a sharp €67.2 million, down from the previous year’s €79 million on turnover that was significantly better: €2,752 million compared to 2008’s €2,101 million. Investment was a big part of last year for Paddy Power, as it was for a number of other online gambling firms, as they endowed projects with much of the money they saw coming in. The money spent on advertising alone was €10 million more than it had been the year before, but the reasons why are already becoming clear as sports book activity grew by 21 percent, and total amounts betted jumped up another 32 percent. Total online sports bet volumes were up by more than half, registering in the statistics at up 55 percent. As are competing internet gambling companies, Paddy Power has said they intend to fully exploit the market access provided by the booming online casino industry, taking full advantage of the business sector that posted record profits for the fourth quarter last year of €45.7 million. The revenue accounted for an amazing 75 percent of the group’s full-year operating profits, up from just 57 percent in 2008.

03/13/2010

Online Casino Style: News
Paddy Power Struggles

Another well-known internet casino group has posted its final 2009 revenue numbers for the online gambling world to see this week, with less than perfect pre-tax profits being revealed in the report. According to the statement balances published by Paddy Power, the leader in online gambling for Ireland, weaker Irish and United Kingdom economies had a significant effect on the revenue made (or not made, in this case) by the firm. Also, as the group carries a strong sports betting following, a favorable year for the punters has left investors high and dry – though players are ecstatic.

Compared with the previous year, 2008, the last quarter of 2009 saw an unfortunate drop in pre-tax profits equaling 15 percent, despite the healthy numbers registered for the same category in the third quarter. The decline came to a sharp €67.2 million, down from the previous year’s €79 million on turnover that was significantly better: €2,752 million compared to 2008’s €2,101 million.

Investment was a big part of last year for Paddy Power, as it was for a number of other online gambling firms, as they endowed projects with much of the money they saw coming in. The money spent on advertising alone was €10 million more than it had been the year before, but the reasons why are already becoming clear as sports book activity grew by 21 percent, and total amounts betted jumped up another 32 percent. Total online sports bet volumes were up by more than half, registering in the statistics at up 55 percent.

As are competing internet gambling companies, Paddy Power has said they intend to fully exploit the market access provided by the booming online casino industry, taking full advantage of the business sector that posted record profits for the fourth quarter last year of €45.7 million. The revenue accounted for an amazing 75 percent of the group’s full-year operating profits, up from just 57 percent in 2008.