Unfavourable horse racing results at Cheltenham and the Grand National earlier this year have hit profits at bookmaker Paddy Power, but continues to grow rapidly.
Operating profits for the first six months were down 25 per cent to €6.8 million, although turnover rose 42 per cent to €453.4 million.
In the betting offices, turnover rose by 25 per cent to €272.1 million, while the online betting business reported a 125 per cent increase in turnover to €93.4 million. The average stake per betting slip for the year was €16.55 - an increase of 13.7 per cent.
Between January and June, Paddy Power opened five new shops in Ireland. In Britain the firm has five shops and plans to have 12 shops by year-end. It also has a further 11 licenses.
The online business narrowed losses from €1.7 million in the first half of last year to €373,000 this year and is expected to be profitable by the end of the year.
The telephone betting business is also set to see a significant increase in turnover, up from €59.2 million €87.9 million.