Paddy powers ahead despite a ‘bruising’ Ascot

A SURGE in online and mobile betting helped Irish bookmaker Paddy Power overcome several punter-friendly sports events in the first half of the year, including a “bruising” Royal Ascot.

Underlying profits at the firm, which has more than 150 betting shops in the UK, jumped 15 per cent to €56.8 million (£50.3m) during the period, despite it receiving a “right bashing” at events such as the Cheltenham festival. This year’s half-year results were also up against tough comparisons with 2010, when the betting powerhouse benefited from the football World Cup.

Online profits grew 25 per cent to €45.3m while Paddy Power said it had a “large” share of the rapidly-growing mobile-betting market.

During the half year, mobile turnover rose by a staggering 279 per cent to reach €157m, with 35 per cent of its online sports book customers placing their bets via their mobile phones.