Paddy Power PLC
Paddy Power PLC is a diverse online gaming operator who specializes in sports betting. Paddy Power PLC was founded in 1988 and the company has grown significantly since their formation. Originally, Paddy Power PLC was formed via a huge merger that involved three bookmakers from Ireland. From this merger, the company went public in 2001 (listing on both the London Stock Exchange trading under the symbol PAP and the smaller Irish Stock Exchange, where it trades under the symbol PLS). Today, Paddy Power PLC’s market cap totals over two billion Euros and more than 75% of their profits are obtained via their online ventures.
Throughout the progression of the company’s markets – Paddy Power began targeting countries outside of Ireland and different avenues to reach them beyond horseracing and sports betting. Specifically, Paddy Power reached out to England, Australia, and most of Europe attempting to entice them to bet with their sites. Paddy Power was known for their seemingly outrageous lines and over the top commercials. Many of their entertaining advertisements received a harsh reaction from the media. As a result, they were banned. Such attention only helped Paddy Power’s cause.
After moving into the online casino and online poker markets, Paddy Power tried their hand in bingo. In December 2007, Paddy Power launched their bingo client. This launch occurred a few short months after diving into the financial markets. Their move into online bingo was an attempt to attract the “fairer sex” into becoming customers and was done using Parlay’s bingo software. In 2009, Paddy Power moved from the Parlay network to the Virtue Fusion bingo network, citing a better overall gaming experience for their players.
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In 2010, Paddy Power “went mobile.” The move to offer mobile betting services was largely responsible for the company nearly doubling their earnings from 2009 to 2010. In 2010, Paddy Power took in over 72.8 million Euros through their online gaming division, growing by about 27% from their 2009 figures. During this same timeframe, their customer base grew by over 55% and their active player base grew by 44% during the gaming year. As of the end of 2010, Paddy Power has over 85000 players registered at their bingo site, poker site, and online casino. Bingo was the fastest growing aspect of their online gaming aspect in 2010.
The headquarters for Paddy Power PLC is located in Dublin, Ireland – which is where the company is legally registered. Nigel Northridge, who serves as the Chairman of Paddy Power PLC, runs it. Nigel’s background focused on sales and marketing. Patrick Kennedy, who is Paddy Power’s CEO, has been in charge since 2006. Patrick’s background is rich in corporate financials.
Breon Corcoran is Paddy Power’s Chief Operating Officer and was installed in this role in the third quarter of 2010. Breon is directly responsible for running the online gaming aspect of Paddy Power’s business, which includes poker, their casino, and their bingo site. Corcoran’s expertise is in development of business, thus being responsible for the online avenue is a perfect match.
We believe Paddy Power is a stable and financially sound company. The company is innovative in terms of their marketing and customer retention efforts. Between their stability and the spread of games they offer, we rate Paddy Power as one of the top online bingo games providers. All of Paddy Power’s games (bingo, casino, and arcade-style) are hosted on the Virtue Fusion platform and they are regulated and audited via Virtue Fusion’s licence with the Alderney Gaming Control Commission.
Paddy Power’s Corporate Address:
Paddy Power plc,
Belfield Office Park,
Beech Hill Road,
Clonskeagh, Dublin 4, Ireland
Registered in Ireland