A big rise in online betting via mobile phones has helped Paddy Power to increase it’s profits with a 16% rise annual rise.The bookmaker, which makes most of its profits in the UK, said pre-tax profits for the year to 31 December 2011 rose to £100.9 million (121.2m euros).
Paddy Power expanded its High Street network, opening 41 outlets in the UK last year to bring its total to 165.
Online revenue increased by 26%, driven by a 225% rise in turnover from betting on mobile phones to £304.7 million.
The company said that 49% of its online sports betting customers used their mobile phone to place bets.
Online betting accounts for 79% of Paddy Power’s profits and the company said it had increased the number of UK online customers by 50% to 710,043.
“Our class leading mobile product, married to the strength of our brand and strong value offering has driven acquisition and retention, leading to 1.1 million active customers online,” said chief executive Patrick Kennedy.
Although the company now has 165 shops in the UK it plans to open another 35 to 40 each year.