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By Simon Jackson, London24’s horse racing correspondent
Wednesday, August 29, 2012
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Bookmaker Paddy Power has reported a leap in half-year profits ahead of the new national hunt season for which they sponsor the first big race of the campaign.
The benefactors of the £150,000 Paddy Power Gold Cup at Cheltenham on November 17 have announced a pre-tax profit which is up 21% to €68.7m (£54.5m) with revenue also up by 29% to €311m from last year’s figures.
The Irish betting giants have additionally announced a massive increase in online revenue which was up 41% to €191m while mobile gaming revenue more than trebled to €53m.
“This has been a very strong first half for Paddy Power,” chief executive Patrick Kennedy said. “Revenue growth in our existing businesses has accelerated with a 29% increase and each of the divisions achieving double digit growth.
“We strongly promoted our brand, products and money-back specials during Euro 2012. This contributed to a 50% increase in online customer acquisition for the half year,” he added.
“We are confident in the group’s prospects for the rest of the year and beyond.”
The increased profits were all the more notable as the firm refunded €5.6 million to customers in money-back offers on a variety of different sporting events.