SportBusiness.com

PADDY POWER SCOOPS WORLD CUP DIVIDEND

Bookmaker Paddy Power generated Euros 48 million in bets on the 2006 FIFA World Cup.

The resulting Euros 4 million profit contributed to an 11.5 per cent rise in pre tax profits for the Irish operator which made Euros 20.5 million for the year.

The World Cup profit was hit by a promise to refund bets on results decided by a penalty shoot-out, a fate which once again befell England. That alone is reported to have cost Paddy Power Euros 1 million.

Chief executive Patrick Kennedy said the result has also been affected by the success of Irish punters who backed successful Irish horses at the Cheltenham festival and the national Rugby Union team which won the Six Nations Championship.

Overall the company took Euros 878 million in bets.