Paddy Power revenue rises 20% this year

Irish bookmaker Paddy Power has reported 20 per cent revenue growth so far this year, with online revenue up 29 per cent and an 8 per cent rise in retail revenue.

Total online revenue rose 30 per cent and mobile betting increased 112 per cent in the year to date, contrasting with a fall of 6 per cent in Irish retail like-for-like net revenues.

Ahead of today’s annual general meeting in Dublin, Paddy Power chairman Nigel Northridge said, “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. Group net revenue is up 20 per cent in the year to date, driven by 29 per cent growth in online revenue and 8 per cent growth in retail revenue.

"Sports results have been favourable overall, with the group's sportsbook gross win percentage above our normal expectations and above the equivalent period last year, notwithstanding a record number of Irish trained winners at Cheltenham. In fact, football results were so good that we could afford to pay out on Man United as Premier League winners in early February!"