Paddy Power looks to major progress

February 23

Today, Irish bookmaker Paddy Power Plc said its company would improve its profits and offset record sporting results. The online wagering company did warned that it did not expect be duplicating its 57.5% profit growth from 2004 this year.

Before taxing, Paddy Power reported a profit of $42.36 million (US) and primary earnings per share of 56.61 cents for 2004, even though the company was dogged by unfavorable sporting results in the final quarter of last year. So far, the earnings are on target with the company's January forecasts.

Paddy Power announced a move into new online gambling forums like online casinos, and poker and fixed-odds betting portals in its growing UK business would cut the risks associated with sports gambling.

While horse and dog racing was accountable for major earnings, other sports and online gaming grew in popularity with the company.

With Internet gambling on the rise, the company clearly sees growth in that direction, as most other wagering sites needing to follow suit.

The trend is only normal due to the explosion of online gambling and online casinos over the World.