Paddy Power online growth surges
Online sportsbook amounts staked rise 31% and gaming/B2B revenues up 33% in first results statement since Breon Corcoran's resignation.
Paddy Power has seen gaming and B2B revenues from its UK and Irish-facing online operations rise by 33% year-on-year, the operator revealed in its interim management statement for the period between 1 July and 14 November.
Sportsbook amounts staked climbed by 31% in the same period, while the proportion of active sportsbook customers using the group’s mobile channels rose to 44%, up from 37% in the first half of 2011.
Online amounts staked in Australia also rose considerably following the acquisition of Northern Territories-licensed bookmaker Sportsbet on 1 March, up 23% year-on-year, while online gross win in the Commonwealth country rose 4%.
The company, which was named the third most powerful egaming operator in this year’s eGaming Review Power 50, has also announced the acquisition of Bulgarian software developer Cayetano Gaming for an undisclosed amount.
The interim management statement is the first release by the company since chief operating officer Breon Corcoran resigned ahead of a move to Betfair in August 2012.
Analyst James Hollins of Evolution Securities has retained his firm’s ‘Neutral’ stance on Paddy Power shares, describing them as “the star performer” of the industry and drawing attention to “The strength of the group’s brand, online product…and burgeoning mobile platform,” but remaining neutral on the basis that “the shares look expensive relative to the sector.”