* Group Q3 revenue up 23 pct y/y
* Online sports betting up 28 pct
* Irish bookmaker to open 45 new UK stores next year
DUBLIN, Nov 16 Increased marketing spending
helped Irish bookmaker Paddy Power to third-quarter
revenues up 23 percent on last year, while favourable results
boosted its returns on sports betting.
The Dublin-based group has been more adept than larger
rivals at reacting to punters moving to online gambling and saw
internet sports betting activity climb by 28 percent in the
three months to Nov. 14.
Trading was boosted by a 74 percent increase in marketing
spending in the first half, though betting activity during the
Olympic Games was slower than during the Euro 2012 soccer
tournament earlier in the summer.
The group said that it plans to open 45 new shops next year
in the United Kingdom, where like-for-like net revenue was up 5
percent in the third quarter.
Davy Stockbrokers said in a note that higher than expected
revenue growth of 34 percent in Australia made up for slightly
weaker than expected revenues online and left unchanged its
full-year forecast for 18 percent growth in earnings per share.
Paddy Power, which has increased its presence in Britain as
well as Australia, Canada and France in recent years, did not
give details of its performance in the Italian market it entered