PADDY Power will grow its British online betting business faster than competitors in an expanding market, chief executive Patrick Kennedy has claimed.

IRISH gaming giant Paddy Power is to receive a cash-based tax refund of around €13 million later this year — over 10% of its 2010 operating profit — relating its operations in Australia.

Paddy Power’s pre-tax profits, announced this week, jumped from €67m in 2009 to €104m in 2010, driven by a strong online performance but also supported by expansion in Britain and a rise in traditional trade, writes Kyran Fitzgerald

Paddy Power today said a flurry of “bookmaker friendly results” at the end of last year helped it deliver a record set of figures.

PADDY POWER — the leading Irish bookmaker — is set to take full control of Australian online betting company Sportsbet by exercising its option to buy the outstanding minority share of the company it didn’t already own for €101 million.

THE ISEQ index dropped a further 3.57 points to 2,881.87 as nervous investors sold off AIB stock after the Government increased it’s stake in the bank to 49.9%.

FOLLOWING a week of marginal gains, the ISEQ mirrored the harsh weather conditions and froze yesterday, with the banking stocks, predictably, taking a tumble in the wake of the Government inflating its stake in AIB.

PADDY Power’s management has hailed 2009 as a year of development and evolution for the company, despite the bookmaker suffering a 15% fall in pre-tax profit and an 8% reversal in operating profit.

Bookmaker Paddy Power said a “cracking” year for punters had left it with a 15% slide in profits after a run of exceptionally customer-friendly sporting results.

Dublin: Bookmaker Paddy Power said yesterday it had increased its stake in Australia’s Sportsbet, strengthening its position beyond Europe.

BRITISH bookmaker William Hill has reported excellent business on its online platform among its Irish customers, as part of a trading update for the 13 weeks to the end of December.

PADDY Power is understood not to be in the running for the first online gaming licence going to tender in India, despite the Irish betting giant’s ambitious overseas expansion plans.

Dublin: Australian online gambling firm Sportsbet, in which Paddy Power holds a 51% share-holding, has completed its acquisition of International All Sports (IAS).

BOOKIES chain Paddy Power was the biggest upward mover on the Irish stock market yesterday, despite showing a drop of €13 million in first-half pre-tax profits to €34m.

BOOKMAKER Paddy Power could be in a position to enter the potentially lucrative US market sooner than expected, with hopes rising that proposals for the legalisation of online gambling could be passed by the US government within the next 12 months.

PADDY Power has further extended its new foothold in the Australian betting market on the back of its new subsidiary there – Sportsbet – agreeing to acquire local online betting company International All Sports (IAS).

BOOKMAKER Paddy Power has significantly expanded its international reach by entering the Australian market, via the A$48.5 million (€27.2m) purchase of a controlling stake in the Darwin-based online betting company, Sportsbet.

THE ISEQ index clawed back some losses yesterday in line with other European bourses as bargain hunters stepped in to snap up some cheaper stocks. The index closed up 64.80 points at 2,558.48 points.