Online Casino Gambling News - by Gamblers Lodge

Paddy Power Casino Bookmaker Profits Online

The Irish bookmaker, Paddy Power, released year-end totals for 2004, revealing a 58% climb in annual profit. This is an exceptional jump in growth, which the bookmaker says it largely owes to its new online gambling websites, including online casino sports betting sites. The company also ventured into mobile phone gaming, which it says they are very pleased with as well. Their sales total for the end of the year was £810m, a 27.5$ rises from the previous year.

This is great news to bookmakers who are converting to online businesses, and should be a sign, if not at least a warning, to the ailing land-based bookmakers who have not converted or implemented their booking to the online realm.

Chief Executive Officer of Paddy Power, John O’Reilly stated that the companies online casino sector showed for an outstanding performance in 2005, generating a profit of £6.1m. And now there are talks of increasing the number of land-based shops in the U.K. Already, the company has 143 betting shops within Ireland and 31 in the U.K. If all goes as planned, by the close of 2005, Paddy Power foresees 50 betting shops in the U.K.

As for the retail sector of Paddy Power, its profit was miniscule, which the company claims was due to startup costs in the U.K. Now that shop is running, they expect an increase in profit this year from their U.K. businesses. In regards to their newfound success in online casino gambling, bettors should see Paddy Power expanding its reach even further into the online market of 2005.

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