Paddy Power plc is the largest provider of fixed odds sports betting in Ireland. The company operates through licensed betting offices along with operating Ireland's largest telephone (Paddy Power Dial-a-Bet), online (paddypower.com) and casino (paddypowercasino.com) betting operations. Since February last year it also offers an online poker service (paddypowerpoker.com). Today the company has announced its interim results for the 6 months ended 30 June 2006.

With growth across all channels, turnover was up 27% to €878 million (US$1.1 billion). Gross win, boosted by an increase in win from online gaming and FOBTs, was up 30% to €105 million (US$134.3 million). ‘Tax free’ betting has been introduced early into the company’s Irish bookmakers, at a cost of €4 million (US$5.1 million). Operating profit was up 19% after the inclusion of this once-off cost, at €19.6 million (US$25 million).

Business highlights the first half included the launch of three new online divisions: ‘reverse auctions’ in January, a German language sportsbook in April and bingo in July. The expansion and promotion of Paddy Power online gaming business has included the sponsorship of the Irish Open poker tournament, the country’s first ever guaranteed €1 million poker event. Four new retail outlets have been opened in Ireland and six in the UK, bringing the total to 205.

Commenting on the results Patrick Kennedy, Chief Executive, Paddy Power plc said: "Our business has grown substantially in the first six months of the year. Turnover, gross win and profits have grown in each of our three divisions, and in addition, we have launched three more new businesses. We look forward to the rest of the year and beyond with confidence." (E-09.06.06)

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