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Great Turnover in 2007

The thriving European online casino betting industry positively affected the Paddy Power betting group. Paddy Power announced 2007 year-end results that were above expectations and have left the company cash-positive and with enough momentum in 2007 to carry the impressive profit margins into the 2008 financial year. The online gambling and betting group showed impressive turnover, while the strengthening Euro also contributed to the favorable year-end results.

Coupled with the very impressive 2007 operational profit results report is the announcement that the long-time chairman and non-executive director, Fintan Drury will step down from his position with Nigel Northbridge stepping into his place at the end of 2008. Drury’s decision to leave the online casino gambling group at this point is most likely strongly related to the company’s impressive performance in 2007, and the anticipation of similarly positive 20089 results – Drury is leaving the company is a high note and in a very positive financial position.

Paddy Power is heavily involved in the European betting and online casino gambling industry. New products from the company include the internet sportsbetting offerings, and based off of last year’s report, that sector of the company is continuing to show strong growth.

He remarks on the online casino gambling group’s results report, "We have been pleased with turnover across the group, with satisfactory growth at constant exchange rates in all businesses, apart from the telephone channel where as expected the amount staked has been broadly in line with last year.” 2008 has been off to a very positive start so far, and there is every indication that Paddy Power will continue aggressively compete in the online casinos industry in the later half of 2008.