Paddy Power Interim Report Shows Strong Progress

PADDY POWER INTERIM REPORT SHOWS STRONG PROGRESS

16th November, 2012 at 03:35:38
Source: http://www.azonlinecasinos.com

Mobile betting booming

Irish bookmaker Paddy Power's latest interim management statement for the period July 1 to November 14, 2012 shows strong growth in net revenue of 23% and a good performance across most business sectors.

Key indicators include:

Group:

- Group sportbook amounts staked up 20 percent

- Group total net revenue, up 23 percent

- Net cash availability of around Euro 169 million at 14 November, excluding customer balances.

Online (ex Australia ) :

- Paddy Power.com (ex Australia ) sportsbook amounts staked increased by 28 percent.

- Paddy Power.com (ex Australia ) sportsbook net revenue increased by 26 percent.

- Gaming/B2B net revenue growth grew 14 percent

- Total net revenue increased by 21 percent

Mobile betting is positively impacting online turnover growth and sportsbook gross win percentages for the Group. In October, mobile turnover as a percentage of total online sportsbook stakes was 27% in Australia (June 2012: 25 percent) and 45% in paddypower.com (June 2012: 41 percent).

The most rapid mobile penetration continues to occur in gaming with mobile gross win in October accounting for 28% of Paddy Power Casino (June 2012: 19 percent) and 25% of Paddy Power Games (June 2012: 20 percent).

Australian Operations:

- Online turnover derived from Australian operations continued its strong upward growth trend increasing by 24 percent.

- Online net revenue increased by 39 percent

- Total net revenue increased by 34 percent

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