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Champion Irish rugby teams and champion Irish racehorses have done for Paddy Power, the leading bookmaker in the Republic, which has a growing presence in the High Streets of London.
It today reported a 28% slump in half-year pre-tax profits to €34 million (£30 million) despite punters betting a record amount with the firm, up 12% at €1.1 billion.
That shows the recession isn't hurting the gambling man too hard and if you're Irish and supporting your own, it is proving to be a profitable habit.
The firm had an awful spring at the hands of the Irish punter as first Ireland in the Six Nations tournament, then Munster in the Celtic nations Magners League and then Leinster in Europe's Heineken Cup walked away with rugby union's top prizes.
On the horses, the nine Irish-trained winners at the Cheltenham Festival was just one short of the all-time record while Ireland's favourite jockey Ruby Walsh scored a record seven winners.
Since then during the summer an Irish horse, Sea the Stars, has won every English championship race, including the Derby, in which it has been entered. In football, Irish punters tend to back the Big Seven, Chelsea, Arsenal, Liverpool, the two Manchester clubs and Rangers and Celtic north of the border. Last weekend six out of the seven won.
“It's been a great year for the punters,” said chief executive Patrick Kennedy.
The interim dividend is up 5% to 19.5 euro cents.
Reader views (3)
Keith,
I don't see Paddy Power 'bleating' at all, they merely state it's been a great year for the punter and explaining their results... as they are required to do.
- Rob Jones, London, 26/08/2009 16:44
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i bet they'll be alright in the end.
they've had enough of my wedge.
- M.O'Brien, london.uk, 26/08/2009 16:12
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A bookmaker bleating that they didn't yake money off us. Makes your heart bleed.
- Keith Price, Luton England, 26/08/2009 10:40
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