The Ireland-based controversial bookmaker Paddy Power came out with their first six months reports, which showed that their operational profit experienced a 14% decline to €60.1 million year-on-year. The result is due to unfavourable results in different sports, but especially in football.
Not all is bad for the bookie who looks to make a scene, as they showed that they have more than double their operational profits since 2009. The reason for this is due to them expanding into new areas across the globe and going for a global appeal, rather than just the local UK appeal.
Also their mobile betting product has helped revenues and profits go up, as mobiles are being increasingly used to place bets by players. Mobile betting accounts for around 10-50% of betting in the major betting companies now and is an area where more and more money are spend.
Revenues were up 7% in the first 6 months of the year and the interim dividends were raised 11%, as the second half of the year has been quite good so far, with the World Cup in Brazil delivering some great results for the bookie.
Paddy Power believes that there will be a decent percentage growth in earnings per share for the entire year, despite having a smaller profit as well as being hit with extra costs in terms of new taxes, fees and currency exchange.