Bookmaker expects to break even in Italy despite €16.8m in losses

Paddy Power expects its Italian operations to break even this year, despite seeing losses there increase by over 14% during 2013.

The Irish gaming and betting services company entered Italy — the largest betting market in Europe and the fourth largest in the world — in 2012; and already controls around 10% of the country’s online sports betting market.

Yesterday, as part of its 2013 annual results presentation, the company said losses in its operations in Italy grew from €14.7m to €16.8m.