Paddy Power Expands Further on Irish Betting Market
Paddy Power betsPaddy Power has set out to conquer the Irish sport betting market, by increasing the number of its shops to 232
Bookmaker and mobile sportsbook owner Paddy Power is growing stronger on the Irish market. The company just bought nine new betting shops from independent bookie Hacketts. With the number of their shops now totaling 232, the already popular Paddy Power dominates the Island’s betting market.
During the first half of the year, the company reported a profit of EUR 75.4 million, with 22% increased revenues from its online and mobile sports betting division alone. However, later in November, the company announced unfavourable football and horseracing results would be causing a fall in their full-year operating profits.
Hacketts loses terrain to Paddy Power
Located in Limerick, Dublin, Clonmel, Templemore and Tullamore, the former Hacketts shops should open under the Paddy Power brand in early 2014. Before selling the nine shops to the Irish sports betting giant, Hacketts had more than 50 outlets across Ireland, which is quite an impressive figure for an independent betting operator.
Sports betting operators across Ireland are making efforts to eliminate their strongest competitors. Just last month, independent bookmaker Boylesports bought out rival Tom Flood Bookmakers, owner of a seven-shop chain. With their latest buy, bookmaker Boylsports increased its portfolio to a total of 192 sports betting shops.
Whilst it is somewhat understandable that Powers continue to expand on the retail sector given that Retail revenues have dropped over the last few years, and one assumes their high online presence pillows this, what is particularly hard to understand is Boylesports expansion in retail as they certainly do not have a strong online presence in today’s market.
Whilst it is somewhat understandable that Powers continue to expand on the retail sector given that Retail revenues have dropped over the last few years, and one assumes their high online presence pillows this, what is particularly hard to understand is Boylesports expansion in retail as they certainly do not have a strong online presence in today’s market.