Paddy Power bets big on bingo
Bingo is a favourite pass time for people all over the world. People have enjoyed playing this game for a long time and now with online bingo sites, where one can play with people from all over the world, it is catching on quicker than before. Even Irish betting giant Paddy Power is now looking to their online bingo operations to be a main growth area in the near future.
Patrick Kennedy, who is the chief executive of Paddy Power, when delivering their final results for 2008 mentioned their online bingo activities as an area where they would want to progress further. This comes at a time, when the Irish economy is not doing very well and the government has just imposed double taxation on Irish bookmakers.
In the 2008 results, their online operations provided most of Paddy Power’s profits. Although their bingo operation profits were not singled out, their total online profits grew a phenomenal 34 percent in 2008 to 42.8 million euros. Moreover, 70 percent of all the operating profits for Paddy Power came from their online division in the second half of 2008. It is no surprise that Paddy Power is has made its bet on Bingo.
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