Mobile gambling boosts profits at Paddy Power

Wagers via mobiles and tablets now account for three quarters of profits

Irish bookmaker, Paddy Power, has posted a 15 per cent rise in annual profits thanks to the growing number of punters making wagers on mobiles and tablets. Though most of the betting industry has benefited from a surge in mobile betting, Paddy Power has benefited more than most with online wagers now accounting for around three-quarters of its profits.

Said CFO Cormac McCarthy, “For a long time we have invested in technology and looking at trends, and we outrank the industry in terms of that.”

Profit before tax rose to €139.2 million (£120 million), while active customers were up 44 per cent to 1.6 million – double the level of a year ago.

Shares, which are currently trading at a record high, rose 4.4 per cent in London yesterday [5th March 2012].

About Dave Evans

Dave Evans was a long established commentator on both the IT and cellular industries. His last focus was on share price trends within the sector. He passed away in September [2014].
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