Paddy Power sees "good" 2010 boosted by Web

DUBLIN, Ireland -- As reported by Bloomberg: "Paddy Power Plc, Ireland's largest bookmaker, expects 2010 to be a "good year," buttressed by an expanding Internet betting business and accelerating growth in Australia, Chief Executive Officer Patrick Kennedy said.

"Earnings from online gambling could rise to more than 80 percent of profit "in the not too distant future" from two- thirds at the latest results, Kennedy said in an interview at the company's Dublin offices yesterday. He declined to give an earnings forecast for 2010.

"Paddy Power is building up its Internet unit and increasing its overseas presence as a recession in its home market cuts betting shop wagers. In July, the bookmaker bought a 51 percent stake in Sportsbet Pty Ltd. to expand into Australia. Sales momentum there "remains very strong," the CEO said, adding the company is now able to secure U.K. stores on better terms as retailers exit the high street.

"'I think 2010 will be a good year for Paddy Power,' said Kennedy, 40, who joined the company in 2005. When 'I look at 2010 and beyond I think we will continue to grow our share in all of our markets...'"