Irish Sports
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Pretax profit at Paddy Power rose 21 per cent and revenue increased as the group saw growth in each of its divisions.
In the six months to June 30th 2012, the company said profit before tax was €68.7 million, despite what it described as “adverse” sports results since its May trading update.
Its online division continued to perform strongly, with new revenue rising 41 per cent to €191 million and operating profit 7 per cent higher at €48.5 million.
The group also invested in expanding the division, incurring startup losses of €6.3 million in four new online ventures.
Paddy Power said its new mobile and tablet-led casino product and brand Roller, sports betting based social game BetDash, and a Cayetano developed gaming product would contribute to revenue in the second half of 2012.
In the retail business, profit in the Irish sector was up 70 per cent to €9 million as sports results normalised. Stakes were 3 per cent lower on a like-for-like basis. In the UK, operating profit was 61 per cent higher to €7.6 million. Like-for-like sportsbook stakes rose 12 per cent, and machine gaming net revenue was up 5 per cent.
Chief executive Patrick Kennedy said the six month period had been a strong one for the group, and it was confident of the group’s prospects for the year.
The group’s interim dividend rose by 30 per cent to 39 cent per share.
(Ciara O'Brien - Irish Times)
In the six months to June 30th 2012, the company said profit before tax was €68.7 million, despite what it described as “adverse” sports results since its May trading update.
Its online division continued to perform strongly, with new revenue rising 41 per cent to €191 million and operating profit 7 per cent higher at €48.5 million.
The group also invested in expanding the division, incurring startup losses of €6.3 million in four new online ventures.
Paddy Power said its new mobile and tablet-led casino product and brand Roller, sports betting based social game BetDash, and a Cayetano developed gaming product would contribute to revenue in the second half of 2012.
In the retail business, profit in the Irish sector was up 70 per cent to €9 million as sports results normalised. Stakes were 3 per cent lower on a like-for-like basis. In the UK, operating profit was 61 per cent higher to €7.6 million. Like-for-like sportsbook stakes rose 12 per cent, and machine gaming net revenue was up 5 per cent.
Chief executive Patrick Kennedy said the six month period had been a strong one for the group, and it was confident of the group’s prospects for the year.
The group’s interim dividend rose by 30 per cent to 39 cent per share.
(Ciara O'Brien - Irish Times)
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Replies: 27
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You missed out the most interesting bit;
The improvement came despite €5.6m of money-back refunds on just four events, including Chelsea lifting the Champions' League trophy and England versus Italy going to penalties. Isn't the disgruntled punter's default argument on here that they only make refunds when there is very little money at stake and then they exaggerate the sum involved for free publicity? Well I don't think you can blag the annual accounts. The refunds quoted here amount to roughly just short of 10% of pre-tax profits. That is quite substantial. |
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Probably why a free 30yoyo bet landed in my account this morning
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Only €30 MP??
I got a free €50 from them so what does that say about me!!  |
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Perhaps a certain GAA club from Laois will get a mention in PP's record breaking year-end report.
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To be fair I think that 5.6m is money back on offers rather than PP deciding for whatever reason to refund, though I am not sure.
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Nobody has said that their money back offers did not cost them much.
The ones that are punters on here refer to are the ones that they refund after the event when an incident happens, not one that was hugely publicised before an event. |
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Yes Bassano, agreed, I clarified that at 16.29 above.
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Yes I saw that after I posted, so need for me to waffle on!
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Sprintre Sacre must have cost a few Quid
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i must say the offers in the shops are very good most days.
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I have a few different online accounts and regularly get free 50 and 100 euro bets in them. Is this baaaaaad?
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ya they are very good kavvie.......4/7 and 5/4 in match bets.....100/1 name the correct full order 1 to 6 in a dog race.......price topping horses that are still under exchange odds.....5/6 each of two and a draw as well in sports handicaps......anybody who bets with them is entitled to a few free bets every now and then......its the same as betfair.....if ya are allowed bet.....then u aint winning......
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the one surprise to me is that they only gave mckenna a bullseye.......if they brought him to one of their shops and gave him the till.....he wouldnt be able to open it......
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Too true bobbubocala,the skumbags closed my internet account about 7 years ago and then a few weeks ago i decided i try opening a new one and guess what,it was closed before the first bet i placed had even been settled.Yellow bellies the lot of them tho Paddys not the worst of a really poor group of firms operating at the minute who describe themselves as Bookmakers.
Some of their prices are not bad in comparison to Ladbrokes,especially the nite before on Racing.I have no bother getting what i need on in their shops between myself and a few friends and i would particularly like to make this point clear to any Powers employees reading this who are of the opinion that once you close someone down on the net they just go away. |
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well bobby they are a lot better than the other shops.or the hell holes in england...im no apologist for pp but the shops are good.guaranteed prices.enhancements.specials.and what do you expect in match bets?4/5 and 5/4?they are running a biz.and most i seen are 4/6 5/4 or evs 4/5.normal enough.go to a dog meeting and see prices offered on 6 dog races.and anyone foolish enough to bet on 1-6 in a dog race deserve all they get.
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kavvie......being better than other shops or english shops is not a barometer for greatness......i agree they may well be the best of a poor lot......but that aint saying much......they do give good concessions at times......but they are a rarity.......in 98% of the time these so called concessions arent a concession at all.......theyr odds compilers on horses are some of the worst i have ever seen......if they have to price a race blind......they just dont know how to......but as with all bookies.....when they make mistakes.....they dont pay the penalty......
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their odds compilers on gaa are the sharpest in the biz.
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Yes I hear club football in Laois is their speciality!!
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I'll eat my hat if they paid out 5.4 Million in refunds. They wouldn't even be holding 5.4 Million in the 4 competitions combined not to mind refunding it
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moneypenny 29 Aug 12 13:32
Probably why a free 30yoyo bet landed in my account this morning You must bet in high volumes? i dont know anybody who gets more than the odd 2 or 5 free games bet. Are they luring you into the casino? |
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Lustrum, what are the other 2 competitions in question?
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well snap they were biggest on dublin v kk(5/1),kildare handicap v limerick,several football qualifier handicaps and tipp v waterford handicap in hurling.they must have some sharp minds clued into gaa.i usually use them as a guide if im tempted.and lets face it they were 5/6 ak when every other one was 4/5 and 8/11.so they took the majority of bets on ak.
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My point exactly kavvie, they knew the AK match would go down to the wire and that no way they should be 1/5 shots, hence they went top price and remained top price at 5/6 long after it was tipped up here by keen leader.
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well as an old bookie friend of mine used to say if you think your right fill up the bag!..they are the only firm id go to if i was having a 4 figure bet.and i have had my run ins with them but facts are facts.they have most of the market cornered.they have the turnover so they can offer value and be brave(to an extent)
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You are missing my point kavvie. I don't necessarily think I am right here, more like powers got it right! And they probably did "fill up the bag"!
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Lads this is a very small industry particularly in Ireland with staff moving from company to company I would be very surprised if Powers (IF IT SO PLEASES THEM) didn’t know who you all are ..........whether that bothers you or not I don’t know but its something to think about
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