Online casino business boosts Paddy Power

With tomorrow being St Patricks Day look out for some specials from online casino operator Paddy Power who recently disclosed results for 2010. In the Irish Casino News Paddy Power revealed a large discrepancy in retail (bookmaker’s shops) and online results with the bulk of income coming from the online division. Paddy Power has reduced the number of shops in Ireland by some 200 since the peak and bets taken have also reduced; in the UK the picture according to Irish casino news sources is similar and although profits were made in the UK shops it was only due to gambling machines which we have often reported have a lower payout percentage than the equivalent online version. The online division which includes the online casinos had a profits increase of over 50% and now accounts for around 75% of the total company profits which lead some to suggest that pure online businesses such as Party Casino or 888 Casino might have the correct business model and that betting shops might soon be a thing of the past. The very fact that you are reading this here suggests that you are already familiar with the advantages of online casinos and other online betting as with lower overheads the casinos are able to offer higher payouts on gambling machines or for the sports fans better odds. It seems inconceivable that a high street bookmaker without an online presence can make a living in the modern world and maybe the likes of Ladbrokes and Paddy Power will eventually give up their shops but in the meantime look out for those St Patrick Day specials..