Online key to bet firm growth

Paddy Power’s long-term global growth strategy is dependant on how fast and in what manner governments open their territories to online gambling, says Davy Stockbrokers.

Yesterday, Paddy Power reported strong growth in net revenue of 23%, in an interim management statement which disclosed the company retains significant financial flexibility with net cash of approximately €169 million at Nov 14, excluding customer balances.

Gamblers using mobile phones are losing more money on betting than traditional gamblers and Paddy Power said its mobile betting is positively impacting online turnover growth and sportsbook gross win percentages.