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A former post office manager has been sentenced to four years in prison after stealing €1.75m.
Wexford Circuit Court heard 37-year-old Tony O'Reilly from Hackettstown Road, Carlow town, took the money over a 14-month period to feed his gambling habit.
It included putting a bet of €40,000 on a game involving the Norwegian women's soccer team.
O'Reilly pleaded guilty to 14 charges of theft and falsifying accounts when he was branch manager of the post office in Gorey, Co Wexford in 2010 and 2011.
The incidents only came to light in June of last year when a regional audit was being done.
Wexford Circuit Court heard O'Reilly had developed a chronic gambling problem.
He had an account called Tony 10 with Paddy Power bookmakers.
When the account was examined, it was found that over the period of time, it had a turnover of €10m, with €8.3m in winnings and €1.7m in losses.
Detective Ian Hayes of Gorey Garda Station had told the court that O'Reilly said the theft started at the post office by sometimes taking a bag of coins from a larger bag, which then was not checked.
If it was a bag of €2 coins, he would replace it with a bag of 2c coins so as not to highlight the weight difference.
In April 2010, O'Reilly had taken around €8,000, which increased over the months to €60,000 and by the end of the year he had taken €290,000.
At that stage, to cover himself during an audit, he brought an accountable receipt for €97,538 into the toilet with him at work and changed it to €397,538, thus concealing the misappropriation.
The following six months he lost the run of himself, the court heard, and was involved in sporadic, random and worldwide bets, including betting €40,000 on the outcome of a match involving the Norwegian women's soccer team.
His method of taking money out of the post office included removing €50 notes with a pliers from the middle of a bundle of notes containing €50,000.
Gardaà said O'Reilly, who is married and has a two-year-old child and lives in Carlow, co-operated at all times with them.
He joined An Post in 1998, and worked for a time in Tallaght before returning to Carlow.
In 2009 was appointed manager in Gorey. He was known as "The Golden Child" in An Post because he was so young when appointed manager.
His defence counsel said O’Reilly did not benefit at all from the money; that he still lives in an ordinary, modest house; and that Paddy Power bookmakers had viewed him as a highly valued customer, even bringing him on all expenses trips to the Europa League Final in Dublin and the Irish Derby race meeting.
He also said alarm bells should have gone off with the bookmakers.
The court heard O'Reilly has given up gambling completely, has attended courses at addiction centres, wants to become an addiction counsellor and has co-operated fully with gardaÃ.
This morning Judge Pauline Codd said O'Reilly had the pattern of somebody out of control, and as he said himself, had lost the run of himself.
She said he had engaged in a serious breach of trust over a significant period of time and his theft was deliberate and systematic.
She also said he had disappeared for 11 days after the theft was discovered.
In mitigating factors, she said he had no previous convictions, came from a respectful family, what he did was totally out of character, he was in the throes of a gambling addiction, accepts fully and sincerely regrets his actions and has taken significant steps at addiction counselling.
She added he was at a low risk of reoffending and he assisted the gardaà fully after his return and pleaded guilty, thus saving a lengthy garda investigation.
Each charge carried a maximum sentence of ten years.
She sentenced him to four years in prison but suspended the final year on condition that when he comes out of prison he attends further gambling addiction counselling.
Members of his family were in court and his wife broke down in tears when the sentence was being handed down.
The bookmakers Paddy Power has not yet commented on the case.
Discuss...
Wexford Circuit Court heard 37-year-old Tony O'Reilly from Hackettstown Road, Carlow town, took the money over a 14-month period to feed his gambling habit.
It included putting a bet of €40,000 on a game involving the Norwegian women's soccer team.
O'Reilly pleaded guilty to 14 charges of theft and falsifying accounts when he was branch manager of the post office in Gorey, Co Wexford in 2010 and 2011.
The incidents only came to light in June of last year when a regional audit was being done.
Wexford Circuit Court heard O'Reilly had developed a chronic gambling problem.
He had an account called Tony 10 with Paddy Power bookmakers.
When the account was examined, it was found that over the period of time, it had a turnover of €10m, with €8.3m in winnings and €1.7m in losses.
Detective Ian Hayes of Gorey Garda Station had told the court that O'Reilly said the theft started at the post office by sometimes taking a bag of coins from a larger bag, which then was not checked.
If it was a bag of €2 coins, he would replace it with a bag of 2c coins so as not to highlight the weight difference.
In April 2010, O'Reilly had taken around €8,000, which increased over the months to €60,000 and by the end of the year he had taken €290,000.
At that stage, to cover himself during an audit, he brought an accountable receipt for €97,538 into the toilet with him at work and changed it to €397,538, thus concealing the misappropriation.
The following six months he lost the run of himself, the court heard, and was involved in sporadic, random and worldwide bets, including betting €40,000 on the outcome of a match involving the Norwegian women's soccer team.
His method of taking money out of the post office included removing €50 notes with a pliers from the middle of a bundle of notes containing €50,000.
Gardaà said O'Reilly, who is married and has a two-year-old child and lives in Carlow, co-operated at all times with them.
He joined An Post in 1998, and worked for a time in Tallaght before returning to Carlow.
In 2009 was appointed manager in Gorey. He was known as "The Golden Child" in An Post because he was so young when appointed manager.
His defence counsel said O’Reilly did not benefit at all from the money; that he still lives in an ordinary, modest house; and that Paddy Power bookmakers had viewed him as a highly valued customer, even bringing him on all expenses trips to the Europa League Final in Dublin and the Irish Derby race meeting.
He also said alarm bells should have gone off with the bookmakers.
The court heard O'Reilly has given up gambling completely, has attended courses at addiction centres, wants to become an addiction counsellor and has co-operated fully with gardaÃ.
This morning Judge Pauline Codd said O'Reilly had the pattern of somebody out of control, and as he said himself, had lost the run of himself.
She said he had engaged in a serious breach of trust over a significant period of time and his theft was deliberate and systematic.
She also said he had disappeared for 11 days after the theft was discovered.
In mitigating factors, she said he had no previous convictions, came from a respectful family, what he did was totally out of character, he was in the throes of a gambling addiction, accepts fully and sincerely regrets his actions and has taken significant steps at addiction counselling.
She added he was at a low risk of reoffending and he assisted the gardaà fully after his return and pleaded guilty, thus saving a lengthy garda investigation.
Each charge carried a maximum sentence of ten years.
She sentenced him to four years in prison but suspended the final year on condition that when he comes out of prison he attends further gambling addiction counselling.
Members of his family were in court and his wife broke down in tears when the sentence was being handed down.
The bookmakers Paddy Power has not yet commented on the case.
Discuss...
Show More
ChildOfMine2 19 Feb 13 19:38
No comment on either so lets just get back to the Champion Bumper chat. That's what this topic is about!
Paddy Poor rep "No Comment" ffs
No comment on either so lets just get back to the Champion Bumper chat. That's what this topic is about!
Paddy Poor rep "No Comment" ffs
A few weeks ago I phoned The Phoenix magazine about this story and enquired if they would be covering it in their regular "Sport of Kings" section. I was told that, unless I had something new to add that hadn't been covered in the prior reporting of the case, they weren't interested.
After the news that P.P. were given "Best Online Social Responsibility Bookmaker" at the Totally Gaming Awards, I phoned The Phoenix once more and suggested this was a new story and should be of interest to their readers. Still no coverage in the subsequent edition of the mag.
But everything comes to those who wait and, sure enough, The Phoenix had an article in the "Sport of Kings" section on PP this week........about some "controversy" surrounding the bookmaker's wording of their Next Pope betting market and their offer to refund losing bets if that Pope is black. PP must've been delighted. Free publicity !! Or was it ? For, on turning the page, HEY PRESTO ! : a half page advertisement for PP and their money-back Hurricane Fly Cheltenham offer.
Great credit to Declan Lynch for his Indo articles and that paper's editor, Liam Collins, for publishing them. But Declan's clearly visible head above the parapet will never make it big in business in this country.
After the news that P.P. were given "Best Online Social Responsibility Bookmaker" at the Totally Gaming Awards, I phoned The Phoenix once more and suggested this was a new story and should be of interest to their readers. Still no coverage in the subsequent edition of the mag.
But everything comes to those who wait and, sure enough, The Phoenix had an article in the "Sport of Kings" section on PP this week........about some "controversy" surrounding the bookmaker's wording of their Next Pope betting market and their offer to refund losing bets if that Pope is black. PP must've been delighted. Free publicity !! Or was it ? For, on turning the page, HEY PRESTO ! : a half page advertisement for PP and their money-back Hurricane Fly Cheltenham offer.
Great credit to Declan Lynch for his Indo articles and that paper's editor, Liam Collins, for publishing them. But Declan's clearly visible head above the parapet will never make it big in business in this country.
Fair dues to John Murray for discussing gambling problems on his radio show with Declan Lynch on Monday last at a time when the pre-Cheltenham advertising spend from bookmakers would have been at its zenith.
Here's the link:
20130312_rteradio1-thejohnmurrayshow-gamblingwi_c20170012_20170018_232_.mp3
Lynch's view on the Tony O'Reilly case starts at 13.40 into the piece.
Thinking of the PP organistaion and its "responsibilities" left me nauseous.
Here's the link:
20130312_rteradio1-thejohnmurrayshow-gamblingwi_c20170012_20170018_232_.mp3
Lynch's view on the Tony O'Reilly case starts at 13.40 into the piece.
Thinking of the PP organistaion and its "responsibilities" left me nauseous.
Yere bouncing yere heads off the wall here lads, Powers are the smug well fed establishment and a little life here or there crushed in its mug mill won't change a thing.
What's wrong with writing "Upsy daisy" ?
My Father used to say it to us all the time when playing wth us as kids. You probably said it to Tony McTague as you watched his countless practice and real shots flying over the bar...........
My Father used to say it to us all the time when playing wth us as kids. You probably said it to Tony McTague as you watched his countless practice and real shots flying over the bar...........
no we usta say as it flew over the bar time after time...boring!
I used to say something beginning with bo as well but it wasn't "boring" !!
He broke a lot of opposition hearts alright, kavvie. He was as precise and nerveless as Johnny Wilkinson.
Is anyone aware of recompense having been made by Paddy Power in relation to this case ?
Gave all the money back......fair play to them......
It wouldn't surprise me if PP had returned at least some of the e1.75 mil lost by the taxpayer (via the gambling addict). At least one of their Directors is what I would consider a very decent man from my knowledge (admittedly limited) of the person. Also, I would have a far greater regard for PP than any other leading bookmaker; that is why the Gorey case shocked and appalled me.
In keeping with the great tradition of PP :
2/7 No recompense
4/1 Some recompense
33/1 Full amount recompensed
100% book
In keeping with the great tradition of PP :
2/7 No recompense
4/1 Some recompense
33/1 Full amount recompensed
100% book
Id say the 2/7 no recompense is a fair price......unfortunate episode......and the post office man just failed to lose enough to warrant contacting gamcare......if he had done in 2 million then they would have informed them......pity really.....
Of all the destructive habits in the world, gambling would seem to be one of the more benign. It doesn't blow out your liver. It won’t make your nose cave in. Even after the most appalling run of bad luck, you can be reasonably sure that you won't be carted away, having expired with a mouth full of vomit. No harm done. It's only money.
You can keep telling yourself this until the moment you kick the chair out from under you.
For the majority of addictions, how much you spend is regulated by how much the body can endure. There is only so much heroin, cocaine or vodka you can consume before you end up in a hospital or a morgue. Gambling is subject to no such constraints. “The amount of financial devastation you can wreak plays a big role in this,†says Keith Whyte, the NCPG Executive Director. “You can bet $50,000 in a single hand, every minute.â€Suicide rates among gambling addicts are staggeringly high. The National Council on Problem Gambling (NCPG) has estimated that one in five problem gamblers attempt to kill themselves, about twice the rate of other addictions. The reasons for this fact are both blindingly simple and impossibly complicated. And the central befuddling fact is this: Gambling kills you because it doesn't kill you.
You can keep telling yourself this until the moment you kick the chair out from under you.
For the majority of addictions, how much you spend is regulated by how much the body can endure. There is only so much heroin, cocaine or vodka you can consume before you end up in a hospital or a morgue. Gambling is subject to no such constraints. “The amount of financial devastation you can wreak plays a big role in this,†says Keith Whyte, the NCPG Executive Director. “You can bet $50,000 in a single hand, every minute.â€Suicide rates among gambling addicts are staggeringly high. The National Council on Problem Gambling (NCPG) has estimated that one in five problem gamblers attempt to kill themselves, about twice the rate of other addictions. The reasons for this fact are both blindingly simple and impossibly complicated. And the central befuddling fact is this: Gambling kills you because it doesn't kill you.
There are many books about gambling addiction but the couple of Paragraphs below help me to keep a tight rein on my gambling , but we all know its not as simple as that.
i love a bet and the idea that something i enjoy could bring to my knees is frightening .BET CAREFULLY LADS.
i love a bet and the idea that something i enjoy could bring to my knees is frightening .BET CAREFULLY LADS.
in all fairness the bookies nowadays do their best to get rid of problem gamblers .......they don't want to know about anybody who may give them a problem......in other words.....somebody who might win......
As for the fellas like the poor man in Carlow......red carpet and open arms.....
As for the fellas like the poor man in Carlow......red carpet and open arms.....
YOU may be right pauile, but im not so sure that the red carpet will be out for him for a while with his family until he proves he has come out the other side, and that thrust my take some time. WE WISH HIM WELL.
Despite reporting strong growth in sales in the first four months of the year, profitability at Irish bookmaker Paddy Poor was impacted by “adverse sports resultsâ€, resulting in the company’s two worst weekends ever for football profitability.
As with other bookmakers across the UK and Ireland, the company was hit by two weekends - January 11-13th and March 22nd-23rd of this year- when nine of the ten favourites in the Premiership won, resulting in Paddy Poor having to pay out on all accumulator bets which tracked the favourites. In addition, on the weekend in January, 16 of the 21 best backed teams across European football leagues, also won, while in March, 17 of these teams won. Typically, on any given weekend, 54 per cent of favourites will win.
Overall, ahead of the company’s agm in Dublin today, the bookmaker reported strong growth in the period from January 1st to May 11th, with sportsbook stakes up 20 per cent (2013: 18%) in online and 5 per cent like-for-like (2013: 3%) in retail.
“Accelerated new customer acquisition has been a key driver of online growth, with first-time bettors up 16 per cent in the period, compared to an 8 per cent increase last year,†the company said.
Paddy Poor has reported record pre-tax profits of €141 million for 2013, on the back of increased revenue growth in every division.
Advertising Standards Authority of a Paddy Power advert offering a refund on all losing bets if Oscar Pistorius is found not guilty of the murder of his girlfriend. It became the most complained-about UK ad of all time two weeks ago.
Looking to the full year, the company said that it expects the impact of the adverse sports results “to be largely offset by the impact of positive top-line momentum, the recycling of winnings by customers, favourable exchange rate movements and the later than expected introduction of the Irish online and phone betting tax.â€
Total online net revenue grew by 1 per cent, with 12 per cent growth in eGaming/B2B net revenue offsetting the adverse impact of year-on-year sports results. Mobile accounted for 54 per cent of the company’s total online revenue in April.
Online stakes grew by 20 per cent, while in the UK and Ireland, the company reported sportsbook growth of 16 per cent in stakes and 12 per cent in active customers.
The company opened 14 new shops in the UK, and 11 in Ireland during the period, while in Irish retail, Poor Paddy benefited from improved sports results at Cheltenham and less football within its business mix.
As a result, like-for-like sportsbook net revenue increased by 4 per cent in Irish retail, as compared to a reduction of 10 per cent in UK retail.
As of May 11th, the group had no debt and net cash of € 264 million, or € 197 million excluding customer balances.
- THAT'S 67 Million in customers balances accounts ffs.
Poor Power also announced this morning that Patrick Kennedy, chief executive since 2006, will step down from the role in April 2015. It is understood that Mr Kennedy has no future plans as of yet, but has announced his departure early to facilitate a smooth selection process for his successor.
Mr Kennedy said: “I have loved every day of being Paddy Poor’s chief executive. It is as fun and as interesting a job as anyone could hope to have, and I have had the privilege of working with some enormously talented and supportive people over the years that I’ve been here. I have always had a personal view that after ten years at the helm, change is good, both for the business and the individual. With this in mind, I have today given notice to the board of my intention to step down next April, the tenth anniversary of my appointment.â€
Chairman Nigel Northridge is set to select and appoint a new chief executive, and the succession process will consider both internal and external candidates.
Responding to the news Davy Stockbrokers said that the announcement “may weigh on the stock for a periodâ€.
“ It is now key that the group demonstrates superior execution in each of its markets as it enters what is likely to be a period of higher scrutiny.â€
IT
As with other bookmakers across the UK and Ireland, the company was hit by two weekends - January 11-13th and March 22nd-23rd of this year- when nine of the ten favourites in the Premiership won, resulting in Paddy Poor having to pay out on all accumulator bets which tracked the favourites. In addition, on the weekend in January, 16 of the 21 best backed teams across European football leagues, also won, while in March, 17 of these teams won. Typically, on any given weekend, 54 per cent of favourites will win.
Overall, ahead of the company’s agm in Dublin today, the bookmaker reported strong growth in the period from January 1st to May 11th, with sportsbook stakes up 20 per cent (2013: 18%) in online and 5 per cent like-for-like (2013: 3%) in retail.
“Accelerated new customer acquisition has been a key driver of online growth, with first-time bettors up 16 per cent in the period, compared to an 8 per cent increase last year,†the company said.
Paddy Poor has reported record pre-tax profits of €141 million for 2013, on the back of increased revenue growth in every division.
Advertising Standards Authority of a Paddy Power advert offering a refund on all losing bets if Oscar Pistorius is found not guilty of the murder of his girlfriend. It became the most complained-about UK ad of all time two weeks ago.
Looking to the full year, the company said that it expects the impact of the adverse sports results “to be largely offset by the impact of positive top-line momentum, the recycling of winnings by customers, favourable exchange rate movements and the later than expected introduction of the Irish online and phone betting tax.â€
Total online net revenue grew by 1 per cent, with 12 per cent growth in eGaming/B2B net revenue offsetting the adverse impact of year-on-year sports results. Mobile accounted for 54 per cent of the company’s total online revenue in April.
Online stakes grew by 20 per cent, while in the UK and Ireland, the company reported sportsbook growth of 16 per cent in stakes and 12 per cent in active customers.
The company opened 14 new shops in the UK, and 11 in Ireland during the period, while in Irish retail, Poor Paddy benefited from improved sports results at Cheltenham and less football within its business mix.
As a result, like-for-like sportsbook net revenue increased by 4 per cent in Irish retail, as compared to a reduction of 10 per cent in UK retail.
As of May 11th, the group had no debt and net cash of € 264 million, or € 197 million excluding customer balances.
- THAT'S 67 Million in customers balances accounts ffs.
Poor Power also announced this morning that Patrick Kennedy, chief executive since 2006, will step down from the role in April 2015. It is understood that Mr Kennedy has no future plans as of yet, but has announced his departure early to facilitate a smooth selection process for his successor.
Mr Kennedy said: “I have loved every day of being Paddy Poor’s chief executive. It is as fun and as interesting a job as anyone could hope to have, and I have had the privilege of working with some enormously talented and supportive people over the years that I’ve been here. I have always had a personal view that after ten years at the helm, change is good, both for the business and the individual. With this in mind, I have today given notice to the board of my intention to step down next April, the tenth anniversary of my appointment.â€
Chairman Nigel Northridge is set to select and appoint a new chief executive, and the succession process will consider both internal and external candidates.
Responding to the news Davy Stockbrokers said that the announcement “may weigh on the stock for a periodâ€.
“ It is now key that the group demonstrates superior execution in each of its markets as it enters what is likely to be a period of higher scrutiny.â€
IT
i know a guy who was left a farm.he has a very low iq. fam was worth a seven figure sum.he sold it and lost every penny.mostly to an irish firm.not pp.he was brought to all irelands,ch league finals.fa cup finals..money gone now...hes broke.no one ringing him asking him to go to sports events now..shameful parasites
And Poor Paddy’s shares (€56.67) have more than quadrupled since Kennedy became CEO in January 2006. NO SHAME IN THIS GAME.
I wasn't in the Shelbourne, Catch Me !
That's a very sad story,kavvie. I imagine it is replicated numerous times around the country since the beginning of the noughties; we wont read those stories in the papers. The main reason we have heard about this extraordinary Tony O'Reilly case is because it involved fraud on his part against his State employer and, therefore, had to go through the legal process. Perhaps I'm naive but I was totally shocked when I first read about it and the huge gains made by Paddy Power out of the unfortunate man's addiction. Recapping for everybody, he wagered €10 million,progressively, over a 14 month period with PP - that's an average €23,000 per day !!! Not surprisingly, he was a VIP customer of the firm and, towards the end of his awful addiction spiral, was wined and dined by them at the Aviva stadium and the Curragh.
The country is still awaiting a Justice Payout. I'm not giving up on Paddy Power; each one of us has the capacity to do great and terrible things. The untold story is still untold.
That's a very sad story,kavvie. I imagine it is replicated numerous times around the country since the beginning of the noughties; we wont read those stories in the papers. The main reason we have heard about this extraordinary Tony O'Reilly case is because it involved fraud on his part against his State employer and, therefore, had to go through the legal process. Perhaps I'm naive but I was totally shocked when I first read about it and the huge gains made by Paddy Power out of the unfortunate man's addiction. Recapping for everybody, he wagered €10 million,progressively, over a 14 month period with PP - that's an average €23,000 per day !!! Not surprisingly, he was a VIP customer of the firm and, towards the end of his awful addiction spiral, was wined and dined by them at the Aviva stadium and the Curragh.
The country is still awaiting a Justice Payout. I'm not giving up on Paddy Power; each one of us has the capacity to do great and terrible things. The untold story is still untold.
It's growth trajectory in terms of market capitalisation has certainly stalled,having being valued at well in excess of €3 billion (over€70 per share)in June 2013,it has since shed in excess of 20% of its value with shares currently trading at €54.
A 23% contraction in the space of 11 months is considerable when one considers that the ISEQ index is in the middle of a bull period where it has expanded by 28%. There is still considerable growth factored into the price with a P/E multiple of 21 times earnings being attached to their current valuation.
Interesting year ahead with key personnel such as David Power (already retired from the board I believe) and Patrick Kennedy leaving their board/executive roles, no one is questioning their business model but it is the equity's ability to maintain its rapid earnings growth rate in a competitive sector (surely local market share in UK/Ireland will begin to plateau and growth is largely dependent on the Australian/Italian markets performance) which faces regulation (perhaps) and taxation obstacles in the near future.
What is the proposed tax legislation,similar scenario to the retail shops,1% which is absorbed by the books and when is it being introduced?
A 23% contraction in the space of 11 months is considerable when one considers that the ISEQ index is in the middle of a bull period where it has expanded by 28%. There is still considerable growth factored into the price with a P/E multiple of 21 times earnings being attached to their current valuation.
Interesting year ahead with key personnel such as David Power (already retired from the board I believe) and Patrick Kennedy leaving their board/executive roles, no one is questioning their business model but it is the equity's ability to maintain its rapid earnings growth rate in a competitive sector (surely local market share in UK/Ireland will begin to plateau and growth is largely dependent on the Australian/Italian markets performance) which faces regulation (perhaps) and taxation obstacles in the near future.
What is the proposed tax legislation,similar scenario to the retail shops,1% which is absorbed by the books and when is it being introduced?
Did a small project in college on European gaming laws a few years ago and the attitude most of Europe takes to regulating the gambling industry makes our own and the UK's look extremely laissez-faire.
This is going back and my memory is a bit hazy on it, but many of the countries (especially Scandinavia) at best tolerated gambling and viewed it as a form social decay. Most of the gaming and betting opportunities in these places were state run with the proceeds going to the state's own coffers. This was against competition law I think, but the EU allowed states to derogate from the competition directives and set their own laws on gambling and things are still state run in a lot of these places I think.
Even if things have loosened a tad, as DJ says, the outlook looks to be one of relative stagnation as they must be near reaching saturation point here and in the UK while mainland Europe and Scandinavia will fight you every step of the way.
Lot of European firms have been buying casino licenses in America to have a foot in the door in case off-course betting is legalised. All the expertise for running big gambling chains is in Europe so maybe they could make a killing over in the US down the line..... could be a lot of money, lobbying and generations down the line, though.
This is going back and my memory is a bit hazy on it, but many of the countries (especially Scandinavia) at best tolerated gambling and viewed it as a form social decay. Most of the gaming and betting opportunities in these places were state run with the proceeds going to the state's own coffers. This was against competition law I think, but the EU allowed states to derogate from the competition directives and set their own laws on gambling and things are still state run in a lot of these places I think.
Even if things have loosened a tad, as DJ says, the outlook looks to be one of relative stagnation as they must be near reaching saturation point here and in the UK while mainland Europe and Scandinavia will fight you every step of the way.
Lot of European firms have been buying casino licenses in America to have a foot in the door in case off-course betting is legalised. All the expertise for running big gambling chains is in Europe so maybe they could make a killing over in the US down the line..... could be a lot of money, lobbying and generations down the line, though.
would have loved to take over this guys account , going forward this is my aim to seek out vip's 
Tink that was part of Monte Christo's (on here) job
Market capitalisation contracted by a further €150 million (5.7%) today.
Combination of weak economic data out of Europe along with succession fears within PP itself.
This will weigh on the stock during this period of higher scrutiny.
SELL SELL SELL ! before they start jumping from the windows in Tallaght.
"PAP.I" €51.67 (down from €56.67 on Wednesday).
The trading statement was overshadowed by the news that CEO, Kennedy, intends to leave the group.
Given the group’s very impressive track record under his tenure, this is likely to lead to a period of uncertainty for investors with questions in relation to succession and the group’s willingness and ability to pursue significant strategic opportunities in the interim period.
Italy is cause for concern from a trading perspective where "market growth has been slower than expected".
Thus reducing the opportunity to make market share gains.
PP’s share of the sports-betting market is at 10% while its' share of the casino market is 3%.
The milestone of a break-even run-rate target (originally December 2014) is now more likely to be hit during 2015.
Australia
Performance has exceeded expectations.
Net revenues are up 38%, helped by favourable gross win margins.
Sport s bet is continuing to win market share and benefitting from structurally higher gross win margins.
New Jersey
A Licence Application was confirmed by the Tallaght boyos.
SELL NOTE. (unless PK gives back the money).
© CM iyc
This will weigh on the stock during this period of higher scrutiny.
SELL SELL SELL ! before they start jumping from the windows in Tallaght.
"PAP.I" €51.67 (down from €56.67 on Wednesday).
The trading statement was overshadowed by the news that CEO, Kennedy, intends to leave the group.
Given the group’s very impressive track record under his tenure, this is likely to lead to a period of uncertainty for investors with questions in relation to succession and the group’s willingness and ability to pursue significant strategic opportunities in the interim period.
Italy is cause for concern from a trading perspective where "market growth has been slower than expected".
Thus reducing the opportunity to make market share gains.
PP’s share of the sports-betting market is at 10% while its' share of the casino market is 3%.
The milestone of a break-even run-rate target (originally December 2014) is now more likely to be hit during 2015.
Australia
Performance has exceeded expectations.
Net revenues are up 38%, helped by favourable gross win margins.
Sport s bet is continuing to win market share and benefitting from structurally higher gross win margins.
New Jersey
A Licence Application was confirmed by the Tallaght boyos.
SELL NOTE. (unless PK gives back the money).
© CM iyc
http://www.irishexaminer.com/ireland/
bookie-stole-590000-and-gambled-most-of-it-269997.html
A former manager of **** bookmakers at Castle St in Cork stole almost €600,000 from the shop and gambled most of it through Paddy Power’s website.
Detective Garda Padraig Harrington yesterday said Paddy Power became so concerned about the extent of the gambling by Ronan Crowley, aged 33, of Carrig Downs, Carrigtwohill, that it investigated it internally and refused to take any more bets from him.
The detective said Paddy Power did not notify management at **** of the matter.
The 236 separate thefts, where Crowley failed to lodge shop cash receipts into the company’s main account any day on which he was working over a 22-month period, were eventually discovered by his employers, but not before he had stolen €590,810.
The chances of the gambling addict repaying any money was described by the detective as zero. He gambled every day, blowing €398,000 with Paddy Power online.
Det Garda Harrington said that because of the scale of gambling by an individual, they are required to investigate the source of the money.
When Paddy Power contacted him, it was told by Crowley that he had inherited the cash.
“They (Paddy Power) failed to notify ****. They knew he was a manger at ****,†the detective said.
James Duggan, defending, said that if the matter had been detected earlier, Crowley would have had some chance of dealing with it.
He said that like a lot of gamblers, his hope was that he would have a big win, drive to Drogheda to pay it all back, and then resign from the job.
Instead the offence was detected, the gardaà called to him, and he subsequently co-operated with the investigation.
Judge Seán Ó Donnabháin imposed a five-year jail sentence on Crowley, but suspended it in its entirety.
The judge said: “This is a truly extraordinary case. In excess of half a million euro was stolen from **** over almost two years, a significant breach of trust.
“It beggars belief that a company like **** are so disorganised in their set-up they did not know this was going on for almost two years — a man entrusted to make lodgements was not making the lodgements.
“One would expect this would be picked up overnight or within a week in a properly-run business.
“Paddy Power knew or suspected there was something wrong and had the accused as a monitored customer and seemed to be slow in either reporting it or detecting it. Again that is quite extraordinary.â€
The charges state that Crowley stole varying sums from ****, Castle St, on dates between November 19, 2011, and September 2 2013.
bookie-stole-590000-and-gambled-most-of-it-269997.html
A former manager of **** bookmakers at Castle St in Cork stole almost €600,000 from the shop and gambled most of it through Paddy Power’s website.
Detective Garda Padraig Harrington yesterday said Paddy Power became so concerned about the extent of the gambling by Ronan Crowley, aged 33, of Carrig Downs, Carrigtwohill, that it investigated it internally and refused to take any more bets from him.
The detective said Paddy Power did not notify management at **** of the matter.
The 236 separate thefts, where Crowley failed to lodge shop cash receipts into the company’s main account any day on which he was working over a 22-month period, were eventually discovered by his employers, but not before he had stolen €590,810.
The chances of the gambling addict repaying any money was described by the detective as zero. He gambled every day, blowing €398,000 with Paddy Power online.
Det Garda Harrington said that because of the scale of gambling by an individual, they are required to investigate the source of the money.
When Paddy Power contacted him, it was told by Crowley that he had inherited the cash.
“They (Paddy Power) failed to notify ****. They knew he was a manger at ****,†the detective said.
James Duggan, defending, said that if the matter had been detected earlier, Crowley would have had some chance of dealing with it.
He said that like a lot of gamblers, his hope was that he would have a big win, drive to Drogheda to pay it all back, and then resign from the job.
Instead the offence was detected, the gardaà called to him, and he subsequently co-operated with the investigation.
Judge Seán Ó Donnabháin imposed a five-year jail sentence on Crowley, but suspended it in its entirety.
The judge said: “This is a truly extraordinary case. In excess of half a million euro was stolen from **** over almost two years, a significant breach of trust.
“It beggars belief that a company like **** are so disorganised in their set-up they did not know this was going on for almost two years — a man entrusted to make lodgements was not making the lodgements.
“One would expect this would be picked up overnight or within a week in a properly-run business.
“Paddy Power knew or suspected there was something wrong and had the accused as a monitored customer and seemed to be slow in either reporting it or detecting it. Again that is quite extraordinary.â€
The charges state that Crowley stole varying sums from ****, Castle St, on dates between November 19, 2011, and September 2 2013.
I know the golf hasn't been going too well for him recently but surely things haven't got so hard for Padraig Harrington, that he's been forced to follow the career of his late father, Paddy.
From the newspaper report above (and as already posted on horseracing thread earlier):
“Paddy Power knew or suspected there was something wrong and had the accused as a monitored customer and seemed to be slow in either reporting it or detecting it. Again that is quite extraordinary.†he (the judge) added, before imposing a five-year jail sentence on Crowley.
I would suggest to the judge that he google the words "paddy power gorey post office" (state owned post office) but I fear his reaction could lead to a coronary.
“Paddy Power knew or suspected there was something wrong and had the accused as a monitored customer and seemed to be slow in either reporting it or detecting it. Again that is quite extraordinary.†he (the judge) added, before imposing a five-year jail sentence on Crowley.
I would suggest to the judge that he google the words "paddy power gorey post office" (state owned post office) but I fear his reaction could lead to a coronary.
I'm no PP apologist but I think their hands were tied here as regards informing Boils of the issue, at least officially anyway. They are obliged to go straight to the Gardai if fraud is suspected. Otherwise they run the risk of falling foul of "tipping-off" the potential fraudster and prejudicing any subsequent investigation.
The length of time reporting the issue to the Gardai is another matter altogether.
The length of time reporting the issue to the Gardai is another matter altogether.
The only thing that tied the hands of PP was the ten grand a week of stolen money that yer man was throwing at them.
Declan Lynch's article from last Sunday's Indo :
http://www.independent.ie/opinion/columnists/declan-lynch/poor-betting-odds-on-bookmakers-handing-back-stolen-money-30319675.html
http://www.independent.ie/opinion/columnists/declan-lynch/poor-betting-odds-on-bookmakers-handing-back-stolen-money-30319675.html
Pretty surprised that somebody in Prime Time or elsewhere haven't done a documentary on this, the other big bone of contention I have with PP and the likes is how much drug money they allow to be laundered in there shops. Everybody knows if you want to get on head up to northside of Dublin to an area with a fairly low economic population and you see to be able to get on what you want, stroll into a shop in a fairly affluent area in the southside, good luck
The article (below) from RTE Sport Online, on 7th Oct last, might help to answer your question, Deise59 :
http://www.rte.ie/sport/racing/2014/1006/650392-rte-and-****-announce-new-sponsorship/
RTÉ and **** announce new sponsorship of RTÉ Racing coverage
**** have been announced as sponsor to RTÉ Sport’s coverage of horse racing across television, radio, online and mobile in a seven-figure investment.
Ireland’s largest independent bookmaker already sponsors most of the top Irish racing events, including the **** Irish Grand National and the **** Irish Greyhound Derby.
RTÉ broadcasts 24 days of live Irish racing coverage on television each year, featuring the great racing days from all the major festivals, with live television coverage also simulcast on RTÉ.ie within the Republic of Ireland.
The major festivals, including Punchestown, Galway and the Christmas Festival at Leopardstown, will be broadcast live, as well as the biggest races of the year: the **** Irish Grand National, Hennessy Gold Cup, Irish Champion Stakes and the blue-ribbon event of the flat season, the Irish Derby.
In addition RTÉ Sport covers the key race meetings from the UK, including the Aintree Grand National and the Cheltenham Festival.
The two-year deal will see **** feature prominently in all RTÉ racing coverage on television, radio and online. RTÉ and **** will develop innovative integrations between live television and mobile applications to support the ever-increasing number of sports fans who are watching racing while multi-tasking through their mobile devices.
Dermot Rigley, Commercial Manager, RTÉ Sport said: “Offering cut-through across all platforms under one brand is RTÉ’s unique offering to the market.
“Irish racing remains on terrestrial free-to-air television and **** has secured a powerful association with Irish Racing across all of RTÉ’s market-leading platforms.This partnership is a great endorsement of RTÉ Sport’s output and their powerful audience reach and we’re delighted to welcome **** on board.â€
**** chief executive John Boyle said: “We have always been happy to support Irish sport in general and racing in particular. We already sponsor many of Ireland’s most significant racing fixtures but to continue to be successful those fixtures must benefit from broadcast coverage.
“That is why this partnership is important, not only for RTÉ and ****, but for the future of Irish racing. This deal cements our place as Ireland’s number one bookmaker in terms of monetary contributions towards Irish racing.â€
And Declan Lynch's opinion of the deal :
http://www.independent.ie/opinion/rte-jumps-into-the-orgy-of-gambling-30656903.html
http://www.rte.ie/sport/racing/2014/1006/650392-rte-and-****-announce-new-sponsorship/
RTÉ and **** announce new sponsorship of RTÉ Racing coverage
**** have been announced as sponsor to RTÉ Sport’s coverage of horse racing across television, radio, online and mobile in a seven-figure investment.
Ireland’s largest independent bookmaker already sponsors most of the top Irish racing events, including the **** Irish Grand National and the **** Irish Greyhound Derby.
RTÉ broadcasts 24 days of live Irish racing coverage on television each year, featuring the great racing days from all the major festivals, with live television coverage also simulcast on RTÉ.ie within the Republic of Ireland.
The major festivals, including Punchestown, Galway and the Christmas Festival at Leopardstown, will be broadcast live, as well as the biggest races of the year: the **** Irish Grand National, Hennessy Gold Cup, Irish Champion Stakes and the blue-ribbon event of the flat season, the Irish Derby.
In addition RTÉ Sport covers the key race meetings from the UK, including the Aintree Grand National and the Cheltenham Festival.
The two-year deal will see **** feature prominently in all RTÉ racing coverage on television, radio and online. RTÉ and **** will develop innovative integrations between live television and mobile applications to support the ever-increasing number of sports fans who are watching racing while multi-tasking through their mobile devices.
Dermot Rigley, Commercial Manager, RTÉ Sport said: “Offering cut-through across all platforms under one brand is RTÉ’s unique offering to the market.
“Irish racing remains on terrestrial free-to-air television and **** has secured a powerful association with Irish Racing across all of RTÉ’s market-leading platforms.This partnership is a great endorsement of RTÉ Sport’s output and their powerful audience reach and we’re delighted to welcome **** on board.â€
**** chief executive John Boyle said: “We have always been happy to support Irish sport in general and racing in particular. We already sponsor many of Ireland’s most significant racing fixtures but to continue to be successful those fixtures must benefit from broadcast coverage.
“That is why this partnership is important, not only for RTÉ and ****, but for the future of Irish racing. This deal cements our place as Ireland’s number one bookmaker in terms of monetary contributions towards Irish racing.â€
And Declan Lynch's opinion of the deal :
http://www.independent.ie/opinion/rte-jumps-into-the-orgy-of-gambling-30656903.html
http://www.independent.ie/irish-news/courts/bank-worker-stole-100k-from-aib-...
RTE now covering World Poker Tour just at a time (00.30am) guaranteed to hook people on line. The proliferation of gambling adverts has now caused an "if you cant beat em, join em'" policy it seems. I never ever tire of telling people just how insidious an influence these ads can be and you should tell your kids and grandkids to take care every chance you get.
The ad that really does my head in is the young couple getting back to their apartment in the evening - presumably after a day's work - and all that's on their mind is an evening of on-line gambling. as I often say, I would tax PP and their ilk to within an inch of their disgusting corporate life.
The ad that really does my head in is the young couple getting back to their apartment in the evening - presumably after a day's work - and all that's on their mind is an evening of on-line gambling. as I often say, I would tax PP and their ilk to within an inch of their disgusting corporate life.
Wasn't aware of that World Poker Tour coverage on RTE, Royal. It doesn't surprise me as our State broadcaster has become very adept at garnering revenue from gambling companies in recent years.
That's very good advice for parents in your post. There are many good organisations in Ireland now actively helping and treating gambling addiction but very little is being done to educate people (teenagers, in particular), about the dangers and futility of time spent gambling. Prevention is always better than cure.
That's very good advice for parents in your post. There are many good organisations in Ireland now actively helping and treating gambling addiction but very little is being done to educate people (teenagers, in particular), about the dangers and futility of time spent gambling. Prevention is always better than cure.
Iwas in Laddies today and a voice came over the intercom to ask people to Gamble Responsibly, its the 1st time in any bookies i have heard an audio asking punters to be aware.
very hard to gamble irresponsibly in ladddies.if you approached them with 100e of a bet they are liable to faint with the shock!!
Bookmakers currently have the technology and the expertise to identify, at an early stage, those customers who could potentially damage their business, and they restrict or close those customer accounts accordingly. Fair enough. But, by means of that very same technology, bookmakers could, even more readily, identify that small percentage of their customers who display signs of a chronic gambling problem and advise help and counselling for them in keeping with their so-called "responsible gambling" policy.
Dear ****,
Re Customer ID:
We are writing to you today to inform you that we have decided to close your account.
As you will be aware until now your account has been heavily restricted and the bets that you have wished to place haven't been accepted.
Following a review of your account activity we have taken the decision based on the fact that any bets accepted will be subject to heavy restrictions and as such the decision has been taken to close the account rather than offer this heavily restricted service.
Your account will remain open for the next 72 hours so please withdraw any balance during this time. Once your account has been closed you will have to call Customer Services on 0800 731 6191 or +44208 515 2565 (outside of UK) if you wish to withdraw remaining funds.
Your sincerely,
*adbrokes Customer Services Team
Dear ****,
Re Customer ID:
We are writing to you today to inform you that we have decided to close your account.
As you will be aware until now your account has been heavily restricted and the bets that you have wished to place haven't been accepted.
Following a review of your account activity we have taken the decision based on the fact that any bets accepted will be subject to heavy restrictions and as such the decision has been taken to close the account rather than offer this heavily restricted service.
Your account will remain open for the next 72 hours so please withdraw any balance during this time. Once your account has been closed you will have to call Customer Services on 0800 731 6191 or +44208 515 2565 (outside of UK) if you wish to withdraw remaining funds.
Your sincerely,
*adbrokes Customer Services Team
Responsible Gambling Trust study published in UK in December.
The long-awaited Responsible Gambling Trust (RGT) study confirms many of the things that were already suspected in relation to machines wagering and problem gambling.
The study finds that the issue is very complex and that there is no silver bullet when it comes to harm minimisation measures.
Bookmakers will be relieved that one of the study conclusions is that a simple reduction in maximum stake will not decrease the rates of problem gambling.
Wonder what the Aussie study found in relation to Pokies.
http://www.theguardian.com/world/2012/apr/11/pokies-and-the-australian-addiction-to-gambling
The study was apparently, on balance, slightly more positive than negative for the bookmakers industry.
Loyalty cards are highlighted as a useful data gathering tool, which may mean that regulators may seek wider use of these cards by the industry.
It is the political response to the study, rather than the findings of the study itself, that will be key to how the bookmakers perform in the coming months.
The risk remains that one or more political parties decide to propose measures based not on evidence but simply on political optics.
The report arguably makes it easier for politicians to say “we have done enoughâ€; however, until election manifestos are published, the issue of machine risk will continue to weigh on the bookmakers industry. Cue to CEO designate, Andie Mac (ex MD Retail PAP - ChildOfMine2's new boss) to take note.
The long-awaited Responsible Gambling Trust (RGT) study confirms many of the things that were already suspected in relation to machines wagering and problem gambling.
The study finds that the issue is very complex and that there is no silver bullet when it comes to harm minimisation measures.
Bookmakers will be relieved that one of the study conclusions is that a simple reduction in maximum stake will not decrease the rates of problem gambling.
Wonder what the Aussie study found in relation to Pokies.
http://www.theguardian.com/world/2012/apr/11/pokies-and-the-australian-addiction-to-gambling
The study was apparently, on balance, slightly more positive than negative for the bookmakers industry.
Loyalty cards are highlighted as a useful data gathering tool, which may mean that regulators may seek wider use of these cards by the industry.
It is the political response to the study, rather than the findings of the study itself, that will be key to how the bookmakers perform in the coming months.
The risk remains that one or more political parties decide to propose measures based not on evidence but simply on political optics.
The report arguably makes it easier for politicians to say “we have done enoughâ€; however, until election manifestos are published, the issue of machine risk will continue to weigh on the bookmakers industry. Cue to CEO designate, Andie Mac (ex MD Retail PAP - ChildOfMine2's new boss) to take note.
I wonder did the postman ever meet Ginola on any of those hospitality outings?
ud wonder at the value of such a stunt to pp?negativity id imagine would be the outcome?
Sorry to report but still no news of a "Justice Payout" from Paddy Power to the Irish taxpayers for the 1.75 million euro that was transferred to them, as a result of a chronic and identifiable gambling addiction, in the Gorey Post Office Fraud.
This news,though, from "The Independent" today:
Paddy Power 'targeting' ethnic minority communities, claims fair gambling charity
http://www.independent.co.uk/news/uk/home-news/paddy-power-targeting-ethnic-minority-communities-claims-fair-gambling-charity-10070139.html
This news,though, from "The Independent" today:
Paddy Power 'targeting' ethnic minority communities, claims fair gambling charity
http://www.independent.co.uk/news/uk/home-news/paddy-power-targeting-ethnic-minority-communities-claims-fair-gambling-charity-10070139.html
Paddy Poor And Betfair Agree Terms On All-Share Merger 8 Sep 2015 07:58 ]
PP PLC Tuesday said it has reached an agreement with Betfair Group PLC on the terms of a recommended all-share merger between the two companies.
The merged entity, to be called PP Betfair PLC, will result in Paddy Poor shareholders owning 52% of the combined group, while Betfair shareholders will own 48%. Betfair shareholders will receive 0.4254 new Pa ddy Pow er Betfair shares in exchange for each Betfair share.
PP shareholders will also receive a special dividend of EUR80 million.
PP said that the boards of both companies believe that the combined group will be able to achieve annual pretax cost synergies of GBP50 million, which will be achieved in the third year following completion.
PP PLC Tuesday said it has reached an agreement with Betfair Group PLC on the terms of a recommended all-share merger between the two companies.
The merged entity, to be called PP Betfair PLC, will result in Paddy Poor shareholders owning 52% of the combined group, while Betfair shareholders will own 48%. Betfair shareholders will receive 0.4254 new Pa ddy Pow er Betfair shares in exchange for each Betfair share.
PP shareholders will also receive a special dividend of EUR80 million.
PP said that the boards of both companies believe that the combined group will be able to achieve annual pretax cost synergies of GBP50 million, which will be achieved in the third year following completion.
Following completion, PP Chairman Gary Mc Gann will become chairman of the merged group, while Bet fair Chief Executive Bre on Cor coran will be CEO of the combined group. Andy McCue, CEO of Pady Poor, will fill the role of chief operating officer, while Bet fair CFO Alex Ge rsh will continue to act as CFO.
PP added that both companies will retain their current dividend policies prior to completion, and following the merger will adopt a progressive dividend policy consistent with the merged group's enhanced growth strategy. Paddy said it expects that PP Betfair will target a payout ratio of around 50% of its profit after tax.
"The merger of PP and Bet fair will create a company of world class capability and people who will deliver substantial up-front synergies and a platform for very exciting business expansion. The combination of Bre on, Andy and their colleagues in this merger of equals comprises "the A team" in the business with the ambition to create a unique global player in a very dynamic industry," PP's Mc Gann said.
"The merger of PP and Bet fair will create one of the world's largest public online betting and gaming companies. The combination makes huge strategic sense by bringing together two industry leading and successful businesses and providing enlarged scale, capability and distinctive, complementary brands. Under the guidance of a strong and proven combined management team, this merger truly represents an attractive opportunity for both PP and Betfair to enhance their position in online betting and gaming and to deliver synergies, customer benefits and shareholder value," Bet fair Chairman Gera ld Cor bett added.
I sent the letter (below) to An Post CEO, Donal Connell, on 9th Oct and received a response (also below), from the Company Secretary :
9th Oct 2015
Dear Donal,
In December 2012, an An Post employee, Tony O' Reilly, was convicted and jailed for stealing €1,750,000, over a 14 month period between 2010 and 2011, from the Irish state-owned company. It was clear from the facts of the case that the unfortunate Mr. O' Reilly had a chronic gambling addiction.
I have been reading through the published accounts for the relevant periods and can find no reference to this loss in the accounting statements. I would appreciate it if you could inform me as to how this extraordinary loss was subsequently dealt with by An Post.
I look forward to hearing from you.
Yours Sincerely,
reb
14th Oct 2015
Dear Mr ,
I refer to your recent letter to the Chief Executive.
Mr Connell has forwarded your correspondence to me and requested that I respond to you directly on the matter you raised.
The Directors are satisfied that the Annual Report of An Post, including the Financial Statements, meet their reporting obligations and give a reader a fair comment and facts about the Group and its activities..
The Company does, from time to time, receive comment and queries from readers. We are satisfied that we endeavour to assist readers with interpretation of material from time to time. We do not, however, disclose any further detail to parties other rhan where there is an obligation such as with the Shareholder or Regulator.
In respect of your correspondence we will not be in a position to facilitate your apparent request for further information.
Yours sincerely,
Brian Fay
Company Secretary
9th Oct 2015
Dear Donal,
In December 2012, an An Post employee, Tony O' Reilly, was convicted and jailed for stealing €1,750,000, over a 14 month period between 2010 and 2011, from the Irish state-owned company. It was clear from the facts of the case that the unfortunate Mr. O' Reilly had a chronic gambling addiction.
I have been reading through the published accounts for the relevant periods and can find no reference to this loss in the accounting statements. I would appreciate it if you could inform me as to how this extraordinary loss was subsequently dealt with by An Post.
I look forward to hearing from you.
Yours Sincerely,
reb
14th Oct 2015
Dear Mr ,
I refer to your recent letter to the Chief Executive.
Mr Connell has forwarded your correspondence to me and requested that I respond to you directly on the matter you raised.
The Directors are satisfied that the Annual Report of An Post, including the Financial Statements, meet their reporting obligations and give a reader a fair comment and facts about the Group and its activities..
The Company does, from time to time, receive comment and queries from readers. We are satisfied that we endeavour to assist readers with interpretation of material from time to time. We do not, however, disclose any further detail to parties other rhan where there is an obligation such as with the Shareholder or Regulator.
In respect of your correspondence we will not be in a position to facilitate your apparent request for further information.
Yours sincerely,
Brian Fay
Company Secretary
Haven't seen the financial statements reb, but they will more than likely have been written off as bad debts, thus saving on cotp tax or increasing losses to write off on any future profits.
A drop in the bucket compared to the €38 million spend on Eircode, the unusable postcode.
surely they got it back from pp under some proceeds of crime act? if not it beggars belief
I have no doubt but that An Post could have recovered the 1.75 million from PP had they been motivated to do so; I had offered to help them in this endeavour, following the trial of the gambling addict, but they weren't interested.
It's likely that all 3 parties involved in the case wanted the matter to be hushed up for their own reasons. That's not to say that some kind of "agreement" wasn't reached between PP and An Post where some recompense was made but, in the absence of any supporting evidence, I'm assuming currently that the compliant taxpayer footed the bill.
It's likely that all 3 parties involved in the case wanted the matter to be hushed up for their own reasons. That's not to say that some kind of "agreement" wasn't reached between PP and An Post where some recompense was made but, in the absence of any supporting evidence, I'm assuming currently that the compliant taxpayer footed the bill.
this merger truly represents an attractive opportunity for both PP and Betfair to enhance their position in online betting and gaming and to deliver synergies, customer benefits and shareholder value,"
https://finance.yahoo.com/q;_ylt=Ahe2q7jgZY8V1C4pKIBi_WRvNu8C;_ylc=X1MDMjE0MjQ3ODk0OARfcgMyBGZyA3VoM19maW5hbmNlX3dlYl9ncwRmcjIDc2EtZ3AEZ3ByaWQDBG5fZ3BzAzExBG9yaWdpbgNmaW5hbmNlLnlhaG9vLmNvbQRwb3MDMwRwcXN0cgMEcXVlcnkDUFBCLklSLARzYWMDMQRzYW8DMQ--?p=http%3A%2F%2Ffinance.yahoo.com%2Fq%3Fs%3DPPB.IR%26ql%3D0&uhb=uhb2&fr=uh3_finance_vert_gs&s=PPB.IR
Shares up 4.67% this morning
https://finance.yahoo.com/q;_ylt=Ahe2q7jgZY8V1C4pKIBi_WRvNu8C;_ylc=X1MDMjE0MjQ3ODk0OARfcgMyBGZyA3VoM19maW5hbmNlX3dlYl9ncwRmcjIDc2EtZ3AEZ3ByaWQDBG5fZ3BzAzExBG9yaWdpbgNmaW5hbmNlLnlhaG9vLmNvbQRwb3MDMwRwcXN0cgMEcXVlcnkDUFBCLklSLARzYWMDMQRzYW8DMQ--?p=http%3A%2F%2Ffinance.yahoo.com%2Fq%3Fs%3DPPB.IR%26ql%3D0&uhb=uhb2&fr=uh3_finance_vert_gs&s=PPB.IR
Shares up 4.67% this morning
Why are there no dates of posts on the last number of entries ?
http://www.irishexaminer.com/business/columnists/geoff-percival/paddy-power-...
It's the beginning of an extended upgrade cycle for PPB.....as shares breach the €100 mark again.
PP Betfair has raised its full year guidance by 6% on the back of a quarter that saw its EBITDA grow 53%. Synergies are being achieved faster than anticipated, with an additional £5m now expected in 2016. Australian revenue growth accelerated.
The operating leverage potential of this newly merged company is being overshadowed by a combination of adverse regulatory changes in Australia, an admittedly disappointing H1 earnings outcome in Australia and the general sell-off in the sector driven by regulatory concerns in the UK. Top of the range forecasts already build in substantial buffers for adverse regulatory and tax changes while underestimating the scope for future profit margin expansion.
PP Betfair’s share price has lagged some of its peers this year but this maybe about to change with a broker price target is £111 (€124) and EBITDA guidance is increased from £365-385m to £390-405m. PP Betfair has reported Q3 revenues of £404m (estimate £392m). This represented growth of 25% year-on-year (yoy) or 15% on a constant currency (cc) basis. Operating costs were up 14% in the quarter and just 3% on a cc basis. EBITDA came in at £113m in the quarter, which was £7-8m above estimated. The Q3 EBITDA margin was 28%, up more than 500 basis points yoy. Synergy benefits of £12m accrued in the quarter.
The group has announced that its synergy programme is running slightly ahead of expectations and that annualised synergies will be £35m for the year, £5m more than previously guided. Total synergy guidance of £65m for 2017 remains unchanged. The stronger underlying performance, coupled with the revised synergy guidance, means that the company is raising 2016 EBITDA guidance to £390-405m from its previous range of £365-385m. Consensus sat at £380m ahead of today, while forecasts were £401.7m. Euro 2016 benefitted the group to the tune of £16m in July.
PP Betfair has raised its full year guidance by 6% on the back of a quarter that saw its EBITDA grow 53%. Synergies are being achieved faster than anticipated, with an additional £5m now expected in 2016. Australian revenue growth accelerated.
The operating leverage potential of this newly merged company is being overshadowed by a combination of adverse regulatory changes in Australia, an admittedly disappointing H1 earnings outcome in Australia and the general sell-off in the sector driven by regulatory concerns in the UK. Top of the range forecasts already build in substantial buffers for adverse regulatory and tax changes while underestimating the scope for future profit margin expansion.
PP Betfair’s share price has lagged some of its peers this year but this maybe about to change with a broker price target is £111 (€124) and EBITDA guidance is increased from £365-385m to £390-405m. PP Betfair has reported Q3 revenues of £404m (estimate £392m). This represented growth of 25% year-on-year (yoy) or 15% on a constant currency (cc) basis. Operating costs were up 14% in the quarter and just 3% on a cc basis. EBITDA came in at £113m in the quarter, which was £7-8m above estimated. The Q3 EBITDA margin was 28%, up more than 500 basis points yoy. Synergy benefits of £12m accrued in the quarter.
The group has announced that its synergy programme is running slightly ahead of expectations and that annualised synergies will be £35m for the year, £5m more than previously guided. Total synergy guidance of £65m for 2017 remains unchanged. The stronger underlying performance, coupled with the revised synergy guidance, means that the company is raising 2016 EBITDA guidance to £390-405m from its previous range of £365-385m. Consensus sat at £380m ahead of today, while forecasts were £401.7m. Euro 2016 benefitted the group to the tune of £16m in July.
I've said it before and repeat -PP are pond life scúm...for any number of reasons. Licensed gangsters.
Our former post office manager Mr. O'Reilly has surfaced and is set to appear
at a gambling awareness meeting on Friday 24th March in Abbeyknockmoy, Co Galway.
https://www.facebook.com/annerabbitteportumna/
at a gambling awareness meeting on Friday 24th March in Abbeyknockmoy, Co Galway.
https://www.facebook.com/annerabbitteportumna/
Been a rough year for the Paddy Power Betfair (PPB) share price - just back to the ten handle
im sure the whole gambling community is very upset over this development...
tony 10, a book written by declan lynch in cooperation with the post office manager o reilly is due to be published this coming week. I wonder what tactic will be used by you know who, to throw a smokescreen and minimise the publicity of the book.
After Tony10, then comes gav11 - be careful out there Gavin 
.....Long way to go to Tony57 
Tony 10 was the online betting username of Tony O'Reilly, the postman who became front-page news in 2011 after he stole €1.75 million from An Post while he was a branch manager in Gorey. He used the money to fund a gambling addiction that began with a bet of €1 and eventually rose to €10 million, leading to the loss of his job, his family, his home - and winning him a prison sentence.
From the heart-stopping moments in a hotel room in Cyprus with his wedding money riding on the Epsom Derby, to the euphoria of winning half a million over a weekend, to the late goals and the horses falling at the last fence, Tony 10 is the story of an ordinary man's journey from normality to catastrophe. At times, he vowed to get out while he was ahead, only to be taken by another surge of adrenaline, falling deeper and deeper into a compulsion that consumed his life. His disappearance on the morning the fraud was discovered led to a surreal three days on the run in Northern Ireland, and ultimately his arrest, conviction and sentencing to four years in jail.
Tony 10 is a mesmerising story of the secret life of a pathological gambler - as well as the most compelling account yet of the damage wrought by the online gambling industry.
THE AUTHOR
Tony O'Reilly is a former An Post branch manager originally from Carlow. After losing everything to a gambling addiction he resolved to put his experiences to good use and today he is a fully qualified counsellor dedicated to raising awareness of gambling addiction. If you wish to get in touch with him, you can find him on LinkedIn (Tony O’Reilly MACI).
Declan Lynch is an author and columnist with the Sunday Independent. A prominent commentator on matters relating to culture, sport and politics, he is also the author of ten books, including Days of Heaven, John Giles: A Football Man and The Ponzi Man.
.....Long way to go to Tony57 Tony 10 was the online betting username of Tony O'Reilly, the postman who became front-page news in 2011 after he stole €1.75 million from An Post while he was a branch manager in Gorey. He used the money to fund a gambling addiction that began with a bet of €1 and eventually rose to €10 million, leading to the loss of his job, his family, his home - and winning him a prison sentence.
From the heart-stopping moments in a hotel room in Cyprus with his wedding money riding on the Epsom Derby, to the euphoria of winning half a million over a weekend, to the late goals and the horses falling at the last fence, Tony 10 is the story of an ordinary man's journey from normality to catastrophe. At times, he vowed to get out while he was ahead, only to be taken by another surge of adrenaline, falling deeper and deeper into a compulsion that consumed his life. His disappearance on the morning the fraud was discovered led to a surreal three days on the run in Northern Ireland, and ultimately his arrest, conviction and sentencing to four years in jail.
Tony 10 is a mesmerising story of the secret life of a pathological gambler - as well as the most compelling account yet of the damage wrought by the online gambling industry.
THE AUTHOR
Tony O'Reilly is a former An Post branch manager originally from Carlow. After losing everything to a gambling addiction he resolved to put his experiences to good use and today he is a fully qualified counsellor dedicated to raising awareness of gambling addiction. If you wish to get in touch with him, you can find him on LinkedIn (Tony O’Reilly MACI).
Declan Lynch is an author and columnist with the Sunday Independent. A prominent commentator on matters relating to culture, sport and politics, he is also the author of ten books, including Days of Heaven, John Giles: A Football Man and The Ponzi Man.
Blackwater • June 25, 2014 3:11 PM BST
The Gorey post office manager got four years in jail.
So you can't really argue that he wasn't held responsible for his criminal actions.
Blackwater • June 25, 2014 4:06 PM BST
The knock against PP in that case was that while Tony10 went to jail, Paddy kept all that lovely stolen money for himself.
You don't have to be a mad liberal, Wildman, to see something wrong with the outcome of that particular drama.
The Gorey post office manager got four years in jail.
So you can't really argue that he wasn't held responsible for his criminal actions.
Blackwater • June 25, 2014 4:06 PM BST
The knock against PP in that case was that while Tony10 went to jail, Paddy kept all that lovely stolen money for himself.
You don't have to be a mad liberal, Wildman, to see something wrong with the outcome of that particular drama.
Maybe Paddy has put aside a small slush fund to help the poor man rebuild his bank when he emerges from sin city 
Thanks for the info about the book.
I bought it online a minute ago.
My guess is it will be the usual random betting without any analysis or patience.
The co-author Declan Lynch should ensure it is well written.
I bought it online a minute ago.
My guess is it will be the usual random betting without any analysis or patience.
The co-author Declan Lynch should ensure it is well written.
would be nice to find out if the stolen tax payers money was returned to An Post
Fair play to the guy on the forum Reb for writing to An Phost regarding stolen funds from the tax payer.
Fair play to Paddy , in an extract from the book it says , that when they were offline one day, he rang O Reilly and told him he could bet way by ringing him direct on his own mobile phone . Very accommodating of Paddy , he really seems like a genuine good guy.
The book arrived in the post this morning.
I am on page 58.
So far there is nothing about how he picked his bets, if he read the horse racing papers or any horse racing books.
Many of his bets are doubles - first goalscorer in a soccer match, and the winner of a horse race.
An example "he has good information about ***** ***** in the big race of the evening in Galway, so he has €500 on at 9/1 ...... "always towards rear, never a factor"
He switches to Goodwood and has another €500 on ******* . It finishes third.
Earlier in the book it says that one day near the end of his betting career he had a €20,000 accumulator on five tennis matches, also €17,000, €25,000, and €30,000 on the same day.
I am on page 58.
So far there is nothing about how he picked his bets, if he read the horse racing papers or any horse racing books.
Many of his bets are doubles - first goalscorer in a soccer match, and the winner of a horse race.
An example "he has good information about ***** ***** in the big race of the evening in Galway, so he has €500 on at 9/1 ...... "always towards rear, never a factor"
He switches to Goodwood and has another €500 on ******* . It finishes third.
Earlier in the book it says that one day near the end of his betting career he had a €20,000 accumulator on five tennis matches, also €17,000, €25,000, and €30,000 on the same day.
I am now on page 176 where he has been caught and is in rehab.
Here is a sample.
Page 124
Starting with a deposit of €4,000 at lunchtime on the Friday , over the course of the weekend he lands several enormous winners, mostly accumulators that return very large five-figure and even the odd six figure sums.
... by the early hours he has increased this to €462,000. He has forty-six winning bets out of 116 placed. He is starting to feel invincible again.
The next morning, in the office, he has visitors.
It is two men from the audit team in Dublin .... *
... he receives a phone call from Paddy Power. Not just from someone representing the Paddy Power organisation, but the man who tells him he is indeed Paddy Power, who mainly speaks for that corporation in its dealings with the media ...
... if he wants to have a bet this morning, he can phone in, and he can do this until the website is running again.
... when Tony 10 starts up again, he is having no winners.
Before this day is done, he will lose €462,000
Out of thirty-one bets placed, twenty-nine of them will lose.
It is carnage.
Examples of rhe bets:
Negri Sembilan, a football team in Malasia, Balestier Khalsa in Singapore, Breidablik Kopavogur in Iceland, Trenkwalder Admira in Austria, under-20 team Kasimpasa in Turkey, the Belarus under-19s, tennis players Charalampos Kapogiannis and Daniel Munoz de la Nava, a horse called Shoulhaveknownbetter tailed off at Taunton
(I doubt that horse name is correct as it has 21 digits, the maximum allowed in a name is 18 letters).
I have yet to find out why he picked his selections.
He seems to like accumulators, about five or more events in different sports, with a stake of €10,000 or more.
The book never gives the odds, only the cash return if they won.
My guess is they were almost all odd-on shots.
* An Post internal auditors regularly audited the office but never found anything wrong.
(((Fwiw I was an auditor in the 1970s working for auditing firms.
It is not the job of external auditors to find fraud (although the public seem to think it is).
Twice I found cash missing problems, one in Ireland, one abroad.
The Irish case was in the same part of the country as this Tony 10 case.
I was on a two day visit to a branch. The business had branches nationwide.
Back in Dublin I told the company financial controller, he told the finance director.
The financial controller drove south that afternoon.)))
Here is a sample.
Page 124
Starting with a deposit of €4,000 at lunchtime on the Friday , over the course of the weekend he lands several enormous winners, mostly accumulators that return very large five-figure and even the odd six figure sums.
... by the early hours he has increased this to €462,000. He has forty-six winning bets out of 116 placed. He is starting to feel invincible again.
The next morning, in the office, he has visitors.
It is two men from the audit team in Dublin .... *
... he receives a phone call from Paddy Power. Not just from someone representing the Paddy Power organisation, but the man who tells him he is indeed Paddy Power, who mainly speaks for that corporation in its dealings with the media ...
... if he wants to have a bet this morning, he can phone in, and he can do this until the website is running again.
... when Tony 10 starts up again, he is having no winners.
Before this day is done, he will lose €462,000
Out of thirty-one bets placed, twenty-nine of them will lose.
It is carnage.
Examples of rhe bets:
Negri Sembilan, a football team in Malasia, Balestier Khalsa in Singapore, Breidablik Kopavogur in Iceland, Trenkwalder Admira in Austria, under-20 team Kasimpasa in Turkey, the Belarus under-19s, tennis players Charalampos Kapogiannis and Daniel Munoz de la Nava, a horse called Shoulhaveknownbetter tailed off at Taunton
(I doubt that horse name is correct as it has 21 digits, the maximum allowed in a name is 18 letters).
I have yet to find out why he picked his selections.
He seems to like accumulators, about five or more events in different sports, with a stake of €10,000 or more.
The book never gives the odds, only the cash return if they won.
My guess is they were almost all odd-on shots.
* An Post internal auditors regularly audited the office but never found anything wrong.
(((Fwiw I was an auditor in the 1970s working for auditing firms.
It is not the job of external auditors to find fraud (although the public seem to think it is).
Twice I found cash missing problems, one in Ireland, one abroad.
The Irish case was in the same part of the country as this Tony 10 case.
I was on a two day visit to a branch. The business had branches nationwide.
Back in Dublin I told the company financial controller, he told the finance director.
The financial controller drove south that afternoon.)))
I looked back through the book for examples of winning bets.
Page 123
"an €8,000 acca* on eight football matches returned €88.823". The average odds are about 1.3511 or a little better than 1/3 (three to one on)
"a €10,000 treble returns €66,000" ..... that is average odds of 1.875 or about 7/8 on for each game.
"a €12,000 treble returns €53,329" ..... that is average odds of 1.65 or about 4/6 on for each game.
* accumulator
Page 123
"an €8,000 acca* on eight football matches returned €88.823". The average odds are about 1.3511 or a little better than 1/3 (three to one on)
"a €10,000 treble returns €66,000" ..... that is average odds of 1.875 or about 7/8 on for each game.
"a €12,000 treble returns €53,329" ..... that is average odds of 1.65 or about 4/6 on for each game.
* accumulator
Tony is a 'guest' tonight on TV3's The Tonight show at 11:00pm.
Will be interesting to see him in the flesh!!!
Will be interesting to see him in the flesh!!!
I didn't know it was on but when switching TV channels I saw poker chips behind the TV3 panel so started watching and realised it was Tony O'Reilly.
He was a bit quiet. Declan Lynch did most of the talking.
I finished the book. It was as I expected, lots of betting without any analysis.
That is addiction, not stopping until something stops you.
He was a bit quiet. Declan Lynch did most of the talking.
I finished the book. It was as I expected, lots of betting without any analysis.
That is addiction, not stopping until something stops you.
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