| Paddy Power Australian Bet Pays Off |
| Written by Mark Bennett |
| Monday, 07 March 2011 14:52 |
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Following expansion into Australia, Paddy Powers annual profits have leaped by 55 percent. The Irish bookmakers reported pre-tax profits of 104.2m euros (£89.6m; $145.6)) in 2010 from 67.2m euros in 2009. The statement of results showed that nearly two-thirds of the company profits were made outside of the Republic of Ireland. The bookmaker also benefited from a contribution from the Australian betting company Sportsbet in 2010. After purchasing 51 percent of Sportsbet in 2009, Paddy Power took control of the company in December 2010. The company revealed that trading for 2011 was positive, with the first two months turnover 16 percent up on the same period last year. The company was optimistic for the full year results.
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