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Paddy Power plc

File:Paddypowerplc.png
Type	Public company
Industry	Bookmaking
Founded	1988
Headquarters	Dublin, Ireland
Revenue	€283.7 million (2008)
Website	paddypower.com paddypowerplc.com (Corporate)

Paddy Power is an Irish bookmaker and is known for its controversial advertising campaigns and betting markets. Offline it conducts business through a chain of licensed betting offices and by operating Ireland's largest telephone betting service. Online it offers sports betting, online poker, online bingo, online casino games and spread betting. The company is listed on the Irish and UK stock exchanges.

History[link]

Paddy Power was founded in 1988^[1] by the merger of three existing Irish bookmakers. At the end of 2005 Paddy Power operated 195 outlets (150 in Ireland and 45 in the UK). The total number of employees was 1,374. On 27 May 2008, Paddy Power acquired Northern Ireland independent bookmaker McGranaghan Racing bringing Paddy Power's shop count to 191 in Ireland.

The bookmaker is known for offering odds on controversial markets in order to garner publicity, e.g., in November 2008, 16–1 was laid that U.S. President Barack Obama 'would not finish' his first term (this was widely interpreted as his odds of assassination).^[2]

Paddy Power are sponsors of Manchester City FC, Swansea City F.C., St. Patrick's Athletic.

After English Premier League new boys Stoke City lost their opening game of the 2008–09 season 3–1 to Bolton Wanderers, Paddy Power controversially paid out on bets on them being relegated. When the club finished in mid-table at the end of the season the company took out a full page advert in The Sentinel apologising to the club and its supporters.^[3]

In December of 2007, Paddy Power began offering online bingo games. The original "Paddy Power Bingo" used Parlay's bingo software. In 2009, Paddy Power moved their bingo operations from Parlay to Playtech's Virtue Fusion software platform.^[4]

In July 2010, the company took the unusual step of refunding bets placed on Felipe Massa to win the 2010 Germany Grand Prix, following the notorious "team orders" incident, which led to Fernando Alonso being allowed to win the race, despite Massa's clear lead.^[5]

In October 2011, the company paid out early on New Zealand winning the world cup, four days before the final against France on 23 October 2011. The company boss said: 'New Zealand have left all of their opposition so far feeling black and blue and it's inevitable us bookies will be taking a hammering from them on Sunday too - so punters might as well collect now.' The All Blacks were Paddy Power's 4/6 tournament favourites and were 1/9 odds on to win with France 13/2.^[6]

As of November 2011 Paddy Power was the largest bookmaker in Europe by total share value;^[7] group income was €444m in 2010.^[8]

On 14 May 2010, Paddy Power acquired a majority stake in Australian bookmaker Sportsbet.com.au.^[9] Paddy Power was placed 6th in the 2011 Management Today "Britain's most admired companies" list.^[10]

Paddypowerpoker.com was launched in February 2005. The site allows players to play a number of variations of the game and sponsors the Irish Poker Open and the Irish Winter Festival of Poker. In March 2007 Paddy Power Poker became part of the Ipoker network.

Criticism[link]

Paddy Power has drawn criticism in the past for offering controversial markets such as odds on the first species to be driven to extinction by the BP oil spill in the Gulf of Mexico;^[11] on an assassination of U.S. President Barack Obama;^[12][13] and on the potential extinction of the polar bear.^[14]

Paddy Power's advertising campaigns have also been criticised; one showed sight-impaired footballers kicking a cat, for which the Advertising Standards Authority received 400 complaints;^[15] another involved Imogen Thomas alongside a sexually explicit tagline.^[16]

Paddy Power has also been criticised for not paying out on bets with large odds. In 2009 when Shane Lowry won the Irish Open Paddy Power stated that it would not pay out on the 3000/1 odds which had initially been offered and instead reached 'an arrangement' with those involved.^[17][18]

Paddy Power also received hundreds of complaints in February 2012 when the company released an advertising campaign to spot "the stallions from the mares" by placing transgender women in the crowds at the Cheltenham Festival. The ASA are currently investigating the advert, which was subsequently pulled off the UK airwaves.^[19][20]. The following month, Paddy Power released a controversial YouTube advert depicting a middle-aged man shooting tranquiliser darts at chavs at a horse racing ground and featuring a tagline stating that people can "enjoy a chav-free Cheltenham". This was inspired by a comment from a user on Paddy Power's Facebook page stating, "Hope the chavs don't ruin Cheltenham like they did Ascot", referring to a brawl on Ladies' Day 2011.^[21]

Further criticism was aimed at the Irish firm in March 2012 when, in the build up to the Cheltenham Festival, they added a 'jockey' to the famous hill carving of a white horse in Uffington, Oxfordshire. ^[22]

Notes[link]

External links[link]

• Official site
• Corporate Website
• Paddy Power on Facebook
• Paddy Power History

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