A look at a block graph of amounts staked with Irish bookmaker Paddy Power illustrates the steady increase of approximately €200 million (US$268.5 million) each year since 2001. In 2006 this increase doubled to over €400 million. Profit after taxation rose 53% to €41.2 million (US$55.3 million). These record profits were driven by strong turnover growth across the Group.

In the latest trading update from Ladbrokes, a 23% increase in gross win for Ireland and Belgium Retail was accredited to a particularly strong performance from the enlarged Irish estate. Both Ladbrokes and Paddy Power are seeing the benefits from higher gambling spend in Ireland. Research shows that, without taking account of casino gambling or online betting, the Irish have wagered more than €3.6 billion (US$4.8 billion) in 2006, up from €1.6 billion (US$2.1 billion) in 2001.

The origins of the phrase ‘the luck of the Irish’ seems to have been lost in the Irish mists. It can be used sarcastically, and mean unlucky, or it can mean lucky in beating the odds. It seems that the Irish are trying their luck in ever increasing numbers, and consequently the bookmakers are reaping the profits. Paddy Power called 2006 ‘an exceptional year of growth and profitability’ for the company - possibly the luck of the Irish, in either sense. (E-05.30.07)

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