Paddy Power has reported a substantial increase in its online business, which it plans to expand into Italy later this year.
The Irish bookmaker posted an increase of 26 per cent in online net revenue to €295m and operating profit also up 26 per cent to €95m.
Mobile has helped drive acquisition and retention, leading to 1.1 million active customers online, which is an increase of 35 per cent on the previous year.
Its UK and Irish online business helped the Irish bookmaker achieve a 17 per cent increase in total net revenues to €499.3m. Despite difficult economic conditions and the absence of the World Cup, the company reported record turnover of €4.56bn for 2011.
Patrick Kennedy, chief executive of Paddy Power, said: “These results demonstrate the strides we’ve made in building an international business of scale in regulated markets. Online markets are growing at pace and Paddy Power continues to invest aggressively in talented people, product and technology to capitalise on this dynamic market.”
