Bingo gives Paddy Power a boost

May 22, 2010 - by Victoria · Filed Under London Bingo News Leave a Comment 

Paddy Power, originally known for being a leader in the world of bookmaking, have said that huge growth in Paddy Power Bingo is behind their strong trading performance so far this year. Profits were slightly more than expected which is a good thing in the current climate – bet volumes in Paddy Power’s online sportsbook grew by 39% whilst the gross win for bingo, casino and games was 32%.

For several years Paddy Power Bingo was part of The Games Network, powered by Parlay Entertainment software. Since switching to Virtue Fusion software, which is also behind Ladbroke’s Bingo, William Hill Bingo, Virgin Bingo and Crown Bingo amongst others, they have seen player retention and financial performance take a big leap. Virtue Fusion has recently been acquired by Playtech, a true giant in the online gambling software field.

Nigel Northridge, the Chairman of Paddy Power plc told the company’s Annual General Meeting: “2009 was a year of significant developments for Paddy Power. We grew our turnover and market share across all our channels and expanded internationally through successful acquisitions in Australia, continued shop openings in the UK and a B2B agreement in
France. Turning to 2010, the highlights of the year to date have been a very strong revenue performance in online (total gross win (ex Australia) +32%) and good bet volume growth across all channels. Significant investment has contributed to this growth and we continue to invest to maintain our business momentum and strong competitive position. Following a run of adverse sporting results in 2009, I am also pleased to report that the Group’s sportsbook gross win percentages have returned to normal expectations in the year to date.”

Shares in Paddy Power were up 1.92 per cent in early trading at 26.50 euros.

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