By Daniel Hunter

Paddy Power have reported a 16% rise in their annual profits, boosted significantly by online betting via mobile phones.

Pre-tax profits for the bookmakers for the year to 31 December 2011 rose to €121.2 million (£100.9 million).

Last year also saw Paddy Power open 41 new shops, taking their UK total to 165.

However, it was a 26% increase in their online revenue that boosted profits significantly. The highlight of this was a 225% rise in turnover from betting via mobile phones.

"Our class leading mobile product, married to the strength of our brand and strong value offering has driven acquisition and retention, leading to 1.1 million active customers online," said chief executive Patrick Kennedy.

Join us on
Follow @freshbusiness

Topics