Paddy Power canters in with 158% profits rise

A STRING of losing favourites at the Cheltenham festival helped push out pre-tax tax profits at bookies Paddy Power by 158% in the first half of the year.

The country’s largest bookmaker said it was also helped by other sporting results, which boosted profits from €7.2 million a year ago to €18.7m in the six months to the end of June.

Turnover rose by 22% to €554.1 million, driven by increases across its three channels - shops, telephone and online betting.