| Type | Public company |
|---|---|
| Industry | Bookmaking |
| Founded | 1988 |
| Headquarters | Dublin, Ireland |
| Revenue | €283.7 million (2008) |
| Website | paddypower.com paddypowerplc.com (Corporate) |
Paddy Power is Europe’s largest bookmaker. Offline it conducts business through a chain of licensed betting offices and by operating Ireland's largest telephone betting service. Online it offers sports betting, online poker, online bingo, online casino games and spread betting. The company is listed on the Irish and UK stock exchanges.
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Paddy Power was founded in 1988[1] by the merger of three existing Irish bookmakers. At the end of 2005 Paddy Power operated 195 outlets (150 in Ireland and 45 in the UK). The total number of employees was 1,374. On 27 May 2008, Paddy Power acquired Northern Ireland independent bookmaker McGranaghan Racing bringing Paddy Power's shop count to 191 in Ireland.
The bookmaker is known for offering odds on controversial markets in order to garner publicity, e.g., in November 2008, 16–1 was laid that U.S. President Barack Obama 'would not finish' his first term (this was widely interpreted as his odds of assassination).[2]
Paddy Power are sponsors of Swansea City F.C., St. Patrick's Athletic and Old Rutlishians XVA and XVB rugby teams.
After English Premier League new boys Stoke City lost their opening game of the 2008–09 season 3–1 to Bolton Wanderers, Paddy Power controversially paid out on bets on them being relegated. When the club finished in mid-table at the end of the season the company took out a full page advert in The Sentinel apologising to the club and its supporters.[3]
In July 2010, the company took the unusual step of refunding bets placed on Felipe Massa to win the 2010 Germany Grand Prix, following the notorious "team orders" incident, which led to Fernando Alonso being allowed to win the race, despite Massa's clear lead.[4]
In October 2011, the company paid out early on New Zealand winning the world cup, four days before the final against France on 23 October 2011. The company boss said: 'New Zealand have left all of their opposition so far feeling black and blue and it's inevitable us bookies will be taking a hammering from them on Sunday too - so punters might as well collect now.' The All Blacks were Paddy Power's 4/6 tournament favourites and were 1/9 odds on to win with France 13/2.[5]
Paddy Power is the largest bookmaker in Europe;[6] group income was €444m in 2010.[7]
On 14 May 2010, Paddy Power acquired a majority stake in Australian bookmaker SportsBet.[8] Paddy Power was placed 6th in the 2011 Management Today "Britain's most admired companies" list.[9]
Paddypowerpoker.com was launched in February 2005. The site allows players to play a number of variations of the game including Texas hold'em, Omaha High and Hi-Lo, 5 and 7 Card Stud in a ring game or tournament structure.
The company sponsors the world's second-longest running No Limit Texas hold'em tournament, the Irish Poker Open. In 2008, the company also initiated sponsorship of the Irish Winter Festival of Poker.
In March 2007 Paddy Power Poker became part of the Ipoker network.
Paddypowerpoker.com broadcasts a live stream via satellite to major online and offline events for their players to watch. They also have a chat feature for the players and an interactive blog.
Paddy Power has drawn criticism in the past for offering controversial markets such as odds on the first species to be driven to extinction by the BP oil spill in the Gulf of Mexico;[10] on an assassination of U.S. President Barack Obama;[11][12] and on the potential extinction of the polar bear.[13]
Paddy Power's advertising campaigns have also been criticised; one showed sight-impaired footballers kicking a cat, for which the Advertising Standards Authority received 400 complaints;[14] another involved Imogen Thomas alongside a sexually explicit tagline.[15]
Paddy Power has also been criticised for not paying out on bets with large odds. In 2009 when Shane Lowry won the Irish Open Paddy Power stated that it would not pay out on the 3000/1 odds which had initially been offered and instead reached 'an arrangement' with those involved.[16][17]
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