Paddy Power reports record turnover for 2013
On the retail side, the company showed a 5 percent rise in like-for-like retail stakes - 4 percent in Ireland and 8 percent in the UK - while sportsbook stakes and total net revenue both increased by 15 percent. During the period Paddy Power’s LBO estate grew in size significantly with the opening of 14 shops in the UK and 11 in Ireland, taking its total number of locations to 280 and 234, respectively. A “very strong” machine performance in its UK operations – up 14 percent – offset the impact of adverse sports results, the company said.
Paddy Power chairman Nigel Northridge noted that recent UK government announcements relating to the regulation and taxation of the LBO sector included proposed mechanisms affecting players wishing to stake over 50 euros on gaming machines. There are also potential planning changes regarding new betting shops on the horizon. “We hope the government considers the proportionality of the cumulative impact of these measures on the industry,” he said.
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