Ireland’s largest bookmaker Paddy Power has today announced it is to create 250 jobs in Dublin over the next three years.
The company this morning announced plans to enter into the French online sports betting market though a new outsourcing contract, a move which willl lead to the creation of 50 new jobs at its Tallaght headquarters.
The jobs are in the areas of technology, risk management and quantitative analysis and are expected to be filled by next summer.
The firm, which currently employs 640 staff said it intends to create a further 200 high end jobs over the next three years at its Tallaght facility.
Taoiseach Brian Cowen welcomed today's announcement, saying that it showed "that the smart economy is not a pipedream, but something that is happening all around us."
Paddy Power, which generates over 50 per cent of its profits from outside of Ireland, is one of the largest online bookmakers in the UK and the biggest in Australia since its acquisition of a 51 per cent stake in Sportsbet in May of this year.
The company said it intends to enter the French online sports betting market through an outsourcing contract with PMU, the largest bookmaker's organisation in Europe with some 10,000 retail outlets.
As part of the deal, Paddy Power will manage risk and pricing for PMU’s new online sports betting business for the five year period from 2010 as PMU expands into the market.
Our partnership with PMU further confirms our ability to build a leading international business out of Dublin, sustaining and creating Irish jobs,” said Paddy Power chief executive Patrick Kennedy.
Separately, the company said today that turnover has grown strongly during the 19 week period from July1st to November 10th.
In a trading update, Paddy Power said it is confident of meeting the current market consensus for 2009 diluted EPS of approximately 113 cent.
"Turnover has grown strongly in the period, assisted by greater customer winnings in 2009, the high level of race cancellations in August and September 2008 and continued market share growth. Sporting results overall in the period were adverse, although all channels experienced gross win percentages above their expected ranges since the start of October," it said.
The firm said non-retail and retail sportsbook amounts staked grew by 24 per cent and 11 per cent respectively during the period under review, however the growth rates fell as expected during October as a result in improved gross win percentages.
The group had net cash of €75million at the end of October, excluding its Sportsbet stake. The consolidation of the company's Australian subsidiaries added further gross cash of €20 million and third party debt primarily related to the acquisition of IAS by Sportsbet of €18 million.
