Bookmaker Paddy Power said it was accelerating its investment to expand its business as the group reported 28 per cent growth in revenue to date.
The rise comes after the group last year reported record turnover of €4.6 billion, with operating profit of €120 million.
Strong growth in its online division helped drive the revenue growth in 2012, rising by 31 per cent so far this year, with retail revenue also performing well, gaining 26 per cent.
Paddy Power also said sports results have been favourable, with its sportsbook gross win percentage above normal expectations.
Although like-for-like turnover was 4 per cent lower in the Irish retail business, the bookmaker said revenue performed well due to improved year-on-year sporting results. The UK retail sector, meanwhile, achieved “robust growth”, the group said.
"Given the current strong momentum and position of Paddy Power, and the substantial opportunities that exist in online betting, the group is now investing at an increased rate for further expansion," Paddy Power chairman Nigel Northridge said in a statement.
“Our organic entry into the Italian online market went 'live' on schedule this week. We are also increasing the resources assigned to mobile gaming and other business development opportunities.”
The group has increased its scale both within existing markets, where mobile and online betting has seen significant growth, and on an international scale, with expansion in Canada, Italy and Bulgaria.
