Bookmaker signs continental deal
Posted by Bev Freeman on 23 Nov 2009 at 09:11
Irish bookmaker Paddy Power has announced a five-year sports betting deal with the French company PMU.
Paddy Power is thought to have overcome 13 other companies to clinch the PM you agreement, which follows the news of legislation which will open up online sports betting in France.
Companies thought to have been beaten to the deal include the British companies Coral, Ladbrokes and William Hill.
The Times quoted Patrick Kennedy, Paddy Power chief executive, as saying: "Financially we believe we’ll do well from this deal but strategically it has significant benefits.
"If you are building an international business and marketing to media organisations, lotteries and gambling companies, being able to talk about the PMU deal is a fantastic calling card."
PMU to is the biggest betting organisation in Europe, boasting 10,000 retail outlets which include betting kiosks in cafes and tobacconists.
The deal means Paddy Power will provide PMU with fixed odds and management services for a range of sports, although the focus will mainly be on football.
Fifty new jobs are to be created at the company's head quarters in Ireland, and another 200 are thought to be in the pipeline in connection with the company's growth overseas.
Paddy Power has recently said it expects to hit full year earnings forecasts, thought to have been boosted by football results.
