Paddy’s at it again. Just the day before the Dublin based bookmaker released details of its half yearly trading position came the news that yet another of its television advertisements has been banned.
This morning the company reported a 29% growth in revenue in the six months to June 2012 compared with the same period last year. There was an increase in each of its divisions; shops, online and overseas betting. Like other bookmakers, Paddy Power benefited from the Euro2012 football tournament, with more than 78 million euros worth of bets placed during the three weeks of the tournament. If the Olympics have given a similar boost to takings in this quarter, then it will be extremely challenging to reach the same level of performance next year when there are no major sporting tournaments taking place.
Chief executive Patrick Kennedy said that three quarters of its profits came from on line operations, and suggested these would continue to increases as more people opened on line accounts. He said, “We strongly promoted our brand, products and money back specials during Euro 2012. This contributed to a 50% increase in on line customer acquisition for the half year.”
In an expanding overseas market, PP said that in its latest venture in Italy, it had already picked up a 4% share of the on line market since May. It hasn’t taken them long to upset the advertising authorities there either.
PP wanted to broadcast an advertisement for its on line service in which Jesus Christ performed a series of miracles, including raising players who were feigning injury and filling empty stadiums with raucous crowds. Not surprisingly in a country where religious mickey taking is very strongly frowned on, the country’s two major terrestrial channels and Sky Italia have all given the advert a thumbs down.