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].