Paddy Power Predicting Big Growth

This story was published more than 12 years ago.

Online and land based gambling company Paddy Power is expecting big growth in near future, according to a report by the Irish Examiner.

The report quotes Patrick Kennedy, Paddy Power Chief Executive as saying, "I’d back us to grow at 15% to 20% a year, and continue to take share of a growing market in sales terms during the next three years." He also said he believes the UK market will see 10-15% growth each year.

Year to date, Paddy Power's stock is up 26%, and the company has a market value of €1.9 billion. Furthermore, the company became the first bookmaker in Apple's App Store.

The Irish based gambling company also has about 30% of the mobile gambling market in Britain, and that soon more than half of their customers will be wagering via mobile devices. Overall, the company controls between 12-15% of the British online gambling market.

Kennedy said he expects the Irish market, Paddy Power's home turf, to be "pretty challenging" with average bet sizes falling by €5 from a high of €22 a few years back.

On the topic of online gambling in the United States, Kennedy said, "I think poker will be the first market that opens up, and poker will open up in the States either in certain large states or overall. I think that is an opportunity for us but I think the big opportunity would be if sports betting opened up."

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