Paddy Power announce record profit of €167m

NewsBy Kevin Palmer
Paddy Power continues to flourish
Paddy Power continues to flourish

Thriving Irish bookmaker Paddy Power has announced record pre-tax profits of €167m in their latest financial report.

The profit figure represents a 21% increase on last year's number, with overall revenues for the year to the end of December rising by 18% to €882m.

Online gambling is proving to be a big winner for Paddy Power, with in-game betting from mobile phone and tablet apps proving to be hugely profitable. 

It now operates 243 shops in Ireland and opened a total of 20 new shops last year, but profits generated outside of their shops remain the big financial winner for the odds-maker.

“Last year had more ups and downs than Taylor Swift's love life,” the bookie said.

“We also learnt that not only can lightning strike in the same place twice, it can in fact strike three times, as it did in weeks, two, 12, and 52, when practically every favourite in the main football leagues won.

“It was going to take a lot to offset that and whilst we had a positive run in the second half, including a bonanza during the final stages of the World Cup, we didn't manage to fully overturn a heavy first half deficit.

Paddy Power have emerged as one of the big players in the expanding betting market, with their publicity stunts such as this one below - as they sent a 'Grim Reaper' to taunt David Moyes in his final days as Manchester United manager - one of many they have pulled off in the last year.

These latest impressive figures saw Paddy Power shares rise sharply when trading began on Tuesday morning in Dublin.