Paddy Power CEO Optimistic For Next Year

October 02, 2009 | News Category: Online Casinos

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If the intuition of Paddy Power Chief Executive Officer, Patrick Kennedy, is anything to go by, the group will enjoy an excellent upcoming year, boosted by a number of elements outlined by the CEO.

Kennedy, speaking in an interview to the media, believes that the combination of growth in the Australian gambling market, as well as Paddy Power's increased expansion into online gambling would make 2010 a "good year" for the Irish based group.

Paddy Power is one of the biggest and most influential groups in the industry, with hundreds of retail gaming outlets in Ireland and the United Kingdom. With the recession hitting local markets, Paddy Power turned its attention to the online realm, a move that has proven to be extremely successful.

Kennedy believes that "in the not too distant future", profit from its online wagering business could rise to more than 80%.

Paddy Power is still on track with its plans to open more land based retails stores in the United Kingdom, and believes that by 2011, it will have the desired 150 outlets to make the group one of the most powerful on the UK high street. Nineteen were opened this year alone.

When comparing Paddy Poker's performance to other companies in the industry this year, it is easy to understand why Kennedy is so optimistic. The group gained a very impressive 54% on the Dublin Stock Exchange, where other UK companies such as Ladbrokes and William Hill earned 2.3% and 17% respectively.

The group is being courted by investors, praised by analysts and complimented by those who respect Paddy Power's operations strategy.

Part of Paddy Power's success has been its move to the Australian market with the purchase of 51% stake in Sportsbet Pty Ltd.

The Australian based Sportsbet then indicated its intention to buy full shares in Australian bookmaker, International All Sports Ltd, giving Paddy Power even greater exposure in the Australian market.

Paddy Power has also said that it would be keen to acquire more Australian assets if the right opportunities came along.

Another target market is France, which is going through a promising legislation change at the moment. The French government is due to vote to put an end to the longstanding monopoly and allow offshore sites to provide sports betting services to French online gamblers.

Kennedy said about this option: "Large French companies who would have well known brands and would know their way around the French market would be the sort of companies we would be looking at. We can provide them with the backend and they do the front end."

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