Paddy Power today reported profits of €56.8m for the first six months of 2011 – up 15% on the same period last year.
Over 80% of the bookmaker’s profits came from online betting while 73% of those profits for the company came from business outside Ireland.
Profits from the online business rose by 25% to €45.3m and the bookmaker now has over 1 million online accounts.
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Turnover on mobile phones saw a 300% increase while the Australian business also performed well with a 25% increase in profits to €9.8m.
Profits in its 151 UK betting shops rose by almost 60% to €4.7m and the group said it plans to open 35 to 40 shops a year there.
It was not all good news thou, operating profits in Paddy Power’s Irish shops fell 44% to just over €5m. Sports results, especially Cheltenham 2011, and an 8% drop in the average stake to just over €17 accounted for the drop.
Chief executive Patrick Kennedy said the Irish market remained tough, although the second half of 2011 has started well.
