Paddy Power, Ireland's biggest bookmaker, has reported a significant
drop in earnings in the first half of the year.
The group, which runs at least 80 retail betting shops across the United
Kingdom, said that a particularly unwelcome run of sporting results affected its
profits in the first six months of 2009, leading to a 26% decline in earnings.
In total, profits dropped to £ 29.3 million.
Paddy Power outlined some of the sporting results that worked in the punter's
favour, including events at the Cheltenham festival, where the jockey, Ruby
Walsh brought in a staggering seven winners.
In addition, Ireland had a particularly successful rugby season which also
did not work in Paddy Power's favour.
Speaking about the Cheltenham festival, Paddy Power said in a statement:
"After eight Irish trained winners over the first two days we were considering
going to the government for a bailout, but we know they had no money left!"
Nevertheless, Paddy Power said that it was still on track with its plans to
open at least another 150 betting stores in the United Kingdom by the end of
2011.
Market shares across all of its divisions gained 3%.
Paddy Power runs one of the largest internet betting operations through its
paddypower.com site, incorporating quality poker with casino, betting and games.
