Paddy Power profits palaver

29 August 2014

Paddy-Power Bookie news, and Paddy Power are the latest bookmaker to post disappointing half year profits.

The Dublin-based firm said pre-tax profits fell to €61.8million (£49.2million) in the six months to June 30th, while revenues were down 7% to €396.5million (£315.7million) compared to a year ago.

The pesky horses and football wins haven't helped either.

However the company were optimistic that they'd gained new customers in the last few months, and was also still planning on expanding.

Punter wins on favourite horses was at 37% against an average of 35% between 2010 and 2013, and Premier League favourites won 64% compared to 35% in the same period.

These odds combined to drag the group's win percentage down to 9.1 per cent from its long-term average of 10 per cent.

They will also expand their 305 shops by another 40 in the next year, regardless of new Government fixed levy rules. So, profits are down, but they're still wildly rich. Not surprising for a bookmaker, eh?

What this all means in actuality is that we're going to see a whole load of irritating publicity stunts. That's the one thing that's certain in all of this.

TOPICS:   High Street News

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