Irish bookmaker Paddy Power posted record turnover of €6.2bn across its retail and online divisions in 2013.
The company’s net revenue increased 17 per cent, while operating profit stood at €137m for the year. On the retail side, the company experienced a five per cent rise in like-for-like retail stakes (four per cent in Ireland and eight per cent in the UK). Sportsbook stakes and total net revenue both increased by 15 per cent.
In 2013, Paddy Power’s LBO estate grew in size significantly with the opening of 14 shops in the UK and 11 in Ireland, taking its total number of locations to 280 and 234, respectively. A “very strong” machine performance in its UK operations – up 14 per cent – offset the impact of adverse sports results, the company said.
Paddy Power chairman Nigel Northridge noted that recent UK government announcements relating to the regulation and taxation of the LBO sector included proposed mechanisms affecting players wishing to stake over £50 on gaming machines. There are also potential planning changes regarding new betting shops on the horizon.
“We hope the government considers the proportionality of the cumulative impact of these measures on the industry,” he said.
