The betting shop operator, Paddy Power, has revealed online operations are up, with its gross online winnings were up by 32% in the year to date.

The Interim Management Statement was issued prior to the company's annual general meeting on Tuesday. The report suggested sports bets placed through its online channel had grown by 19 percent in value and 39 percent in volume. Investors will pleased to see the increase in their sports book results after a disappointing 2009, which the company described  as “a run of adverse sporting results in 2009”.

Overall there was a 32 percent increase in gaming gross win mainly from games, bingo and casino operations in the period from the 1st January to 16th May. The Irish bookmaker suggested that the investment in products, people and promotions in the key areas had had a positive effect on the business.

The company Chairman, Nigel Northbridge, said at the Annual General Meeting: the company has had a “very strong revenue performance” online in 2010 there has also been “good bet growth across all channels.” The Chairman is positive about the future for the gaming giantand reportedly “looks forward to the balance of 2010 and beyond with confidence".

The company continued with its UK expansion program opening nine new units and sees a bright future “strong momentum in the business, significant ongoing investment to enhance our competitive position, and the upcoming World Cup.”

Paddy Power is posting a final dividend of €19m and a net cash of €96m.