Good online casino news from Paddy Power

Students of the online casino and online gambling industry will be interested in the latest casino news that Paddy Power has made enormous strides this year and is reported to be within touching distance of becoming the largest publicly quoted gambling company in Europe. The latest quarterly update shows significant trading growth and has led to a big rise in share price, valuing Paddy Power at over 21 billion euros, and leaving all their Irish and UK competitors well behind.  Chief Executive Patrick Kennedy seemed particularly pleased to have overtaken William Hill and has now set his sights on the Greek gambling operator Opap whose market value has fallen slightly, but still marginally leads in Europe. In the current economic climate any news of online casino operators doing well must be good news for the whole of the online gambling industry. Apparently the growth in revenues was seen across the whole spectrum of their business with 30% increases in both sports betting and online casino gambling, but Mr Kennedy highlighted mobile betting as the biggest factor, and reported that Paddy Power now handled 30% of all gambling from tablets and smartphones in Britain. The only bad news appears to be a significant decline in turnover from the Irish betting shops, but Paddy Power are rapidly expanding their betting shop estate in the UK which has more than made up for this downturn. It was also felt that the money-back and early pay-out deals made during the rugby world cup also cast Paddy Power in a good light in the eyes of sports gamblers. Possibly more relevant news for online casino customers was the announcement of the acquisition of the Bulgarian based casino games software developer Cayetano, for a reported 15 million euros. This acquisition should put Paddy Power in a strong position to develop and introduce new casino games for their online casino operations, and we look forward to what could give even more stimulus to the online casino experience.