Irish online gambling provider Paddy Power has released its financial results for 2010 showing a 56 percent year-on-year increase in operating profits to €103.8 million helped substantially by the firm’s iGaming activities.
Dublin-based Paddy Power revealed that its profits before tax for 2010 rose 55 percent year-on-year to €104.2 million while its net cash position improved from €75 million at the end of 2009 to €159 million as of December 31.
Paddy Power declared that its gross win for 2010 improved by 50 percent year-on-year to €443.5 million with its amounts stakes growing 39 percent when compared to 2009 to hit €3.834 billion.
The operator revealed that 72 percent of its total operating profits came from online activities while its PaddyPower.com domain reported a 52 percent year-on-year rise in gross win to €163.7 million with an operating profit up 26 percent when compared to 2009 to €57.5 million.
In addition, mobile turnover was up more than three-fold compared to 2009 to €112 million, which equates to eleven percent of its total sportsbook stakes, while Paddy Power revealed that 31 percent of online sportsbook customers now place their bets using a mobile device to generate 19 percent of its stakes.
“These are record results for Paddy Power with increased profits in all divisions,” said Patrick Kennedy, Chief Executive Officer for Paddy Power.
“They demonstrate the benefit of our ongoing business development initiatives and investment, which position the group well for further growth in 2011 and beyond. “2011 has started well for the group with turnover up 16 percent and total gross wins up 38 percent in the first two months versus the same period in 2010 in constant currency.”