Paddy Power Reveal 55 Percent Annual Profits Rise

Paddy Power, the leading Irish bookmaker, has revealed a 55 per cent rise in annual profits, helped by its expansion in Australia.

The company’s results statement confirmed that pre-tax profits rose to US$145.6m in 2010 from $94.25m in the previous year.

The 2010 figure included a full year’s contribution from Australian betting company Sportsbet.

Paddy Power first bought 51 per cent of Sportsbet in 2009, taking full control of the firm in December 2010.

Paddy Power said that almost two-thirds of its profits last year were generated outside of the Republic of Ireland.

It added that 2011 had started well, with turnover in the first two months up 16 per cent on the same period this time last year, and said it looked forward to the rest of the year with confidence.