The Irish bookmaker, Paddy Power, has released its half year results. Unlike, 888, which reported profits falling my more than half, Paddy Power, has seen a more than 50% increase in half year profits.

The bookmaker has reported a 54 percent increase in profits to £43 million for the 6 month period to 30th June. Results were helped by a six-fold increase in profits from the UK betting shops having opened 27 new sites during the period. The 2010 World Cup which has been blamed for the poor results in the poker industry helped Paddy Power with the company gaining £15 million from losing bets. Customers at Paddy Power made £70.5 million in bets on the football during the Wold Cup. The Spanish victory resulted in a favourable return for bookmakers. The European champions were beat in their opening game by Switzerland which deterred many potential supporters.

Paddy Power also benefitted from patriotic bets placed in favour of England performing well. Around 43 percent of operating profit comes from UK customers, 39 percent from customers in Ireland and 16 percent from Australian customers.

The company have suggested the results have meant that profits for the year are now expected to exceed the current market consensus. Chief executive, Patrick Kennedy, commented: "As ever, our financial performance is subject to the glorious unpredictability of sport.

"Overall though, we finished up a little ahead of our normal expectations and certainly a good deal better than where we were last year."

Last year Paddy Power profits were hit by unfavourable results in horse racing and the Irish rugby results.