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 Paddy Power
Report Strong Profit
Showing
Ireland's top
bookmaker, Paddy
Power, reports a
healthy start to the
year will leave 2008
operating profits
around 14% higher at
82 million euros
(£65.3m) and 8%
higher than market
hopes, the company
said.
Bookmaker Paddy
Power said a host of
sporting upsets had
cost punters but
left the firm on
course for
forecast-beating
profits this year.
The company gained
from favourable
racing results
including Comply or
Die's Grand National
win as well as an FA
Cup competition
strewn with
giant-killings.
Paddy Power also
banked big gains
from favourite Tiger
Woods' second place
at the US Masters
golf tournament to
130-1 outsider
Trevor Immelman in
April.
"This will be more
than offset by the
benefit of the
favourable momentum
and sporting results
to date," Paddy
Power added.
The bookmaker also
took around 1
million euros
(£798,000) in bets
on the next manager
of Ireland's
national football
team after the
departure of Steve
Staunton last
October.
There were 16
favourites at
various stages in
the succession race
before Italian
Giovanni Trapattoni
was eventually
unveiled in
February.
-----
Source: UK Press
Originally published
May 15, 2008 9:26 am
EST
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