iGaming Business – Irish bookmaker Paddy Power has cited the growth of its online gambling business as the reason behind a jump in revenue, operating profit and EBITDA during the 12 months through to December 31, 2013.
In its preliminary results for the year, the company posted net revenue of €745.2 million, an increase of 17% on the €662.7 million achieved in the previous year.
Operating profit also grew slightly from €136 million in 2012 to €137.4 million in the last 12 months, whilst EBITDA also jumped 8% from €168.2 million to 176.9 million.
The company highlighted the success of its online operations as one of the key drivers behind its positive performance in 2013.
Paddy Power said that net revenue in the online sector was up 21% to €473 million while operating profit also grew by 10% to €108.1 million. The number of active users also leapt 19% to 1.9 million.
In addition, the company’s mobile business generated net revenue of €212 million, an increase of 73% on the previous year.
Revenue from mobile eGaming also grew 143%, driving leading eGaming growth of 16%.
In comparison, retail like-for-like net revenue increased just 2% while operating profit fell €900,000 to €13.9 million.
Patrick Kennedy, chief executive of Paddy Power, said: “It was another good year for Paddy Power, with growth in every division and particularly strong growth in online which now delivers over three quarters of group profits.
“We continue to build out our industry leading penetration in mobile sports betting and eGaming: mobile net revenue powered ahead by 73% in 2013 and now accounts for over half of total online revenue.
“Investment in mobile will continue to be significant in order to take advantage of our market leading position and avail of its exceptional growth potential.”
