Paddy Power

For other uses, see Paddy Power (disambiguation).
Paddy Power plc
Public company
Traded as ISEQ: PLS
Industry Bookmaking
Founded 1988
Headquarters Dublin, Ireland
Revenue €881.6 million (2014)[1]
€163.8 million (2014)[1]
€144.9 million (2014)[1]
Website paddypower.com
paddypowerplc.com (Corporate)

Paddy Power is an Irish bookmaker. Offline it conducts business through a chain of licensed betting shops in Ireland and the United Kingdom, and by operating Ireland's largest telephone betting service. Online it offers sports betting, online poker, online bingo, online casino games, and spread betting. It merged with Betfair to create Paddy Power Betfair on 2 February 2016.

History

Paddy Power, King Street, Hammersmith, London, 2016
Paddy Power, North End Road, Fulham, London
Paddy Power shop in Moore Street, Dublin

Paddy Power was founded in 1988 by the merger of the 40 shops of three Irish bookmakers: Stewart Kenny, David Power, and John Corcoran.[2] Stewart Kenny had sold Kenny O'Reilly bookmakers to Coral in 1986 and then opened 10 shops of his own by 1988; he was the CEO of Paddy Power until 2002.[3] John Corcoran's shops had traded as Patrick Corcoran.[4] David Power was a son of Richard Power and one of several inheritors trading under the Richard Power name.[3] The Power name was considered the strongest brand among the merged shops, while the "Paddy" name and green colouring emphasised the chain's Irishness at a time when the fragmented Irish industry was facing competition from British betting chains entering the market in response to changes in the Irish tax code.[4][5] David Power's son, whose name happens to be Paddy Power (b. 1974/5), is a marketing spokesman for the company.[6]

Paddy Power had an aggressive expansion strategy involving opening prominent shops in most Irish towns, rather than side-streets previously favoured.[5] The firm's novelty bets broadened its media coverage beyond the horseracing news.[5] Its share of the Irish off-course betting market grew from 8% in 1988 to 33% in 2001.[7] Power Lesiure, parent company of Paddy Power PLC, listed on the London Stock Exchange in December 2000 to fund a UK expansion.[2][8][9]

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, it acquired Northern Ireland independent bookmaker McGranaghan Racing, bringing Paddy Power's shop count to 191 in Ireland. In February 2010, the chain had 356 shops with 209 in Ireland, 8 in Northern Ireland and 139 in Great Britain.[10]

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).[11]

After English Premier League new entrants 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.[12]

In December 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.[13]

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.[14]

In October 2011, the company paid out early on New Zealand winning the Rugby Union 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.[15]

As of November 2011 Paddy Power was the largest bookmaker in Europe by total share value.[16] Its group income was €444m in 2010.[17]

On 14 May 2010, Paddy Power acquired a majority stake in Australian bookmaker Sportsbet.com.au.[18] Paddy Power was placed 6th in the 2011 Management Today "Britain's most admired companies" list.[19]

Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015. The transaction was structured as an acquisition of Betfair by Paddy Power[20] and the enlarged entity, named Paddy Power Betfair, is based in Dublin.[21] The merger was completed on 2 February 2016.[22]

Paddy Power CEO Andy McCue became COO of Paddy Power Betfair, with Breon Corcoran, CEO of Betfair, becoming CEO of the combined group and Paddy Power's Gary McGann becoming Chairman.[23] Andy McCue left the company in April 2016 to pursue other opportunities.[24]

On 18 October 2016, Paddy Power paid out $1.1M to those who bet on Hillary Clinton in the 2016 United States presidential election, citing a certainty of Hillary's victory. Trump won.[25]

Criticism

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,[26] on an assassination of U.S. President Barack Obama,[27][28] and on the potential extinction of the polar bear.[29]

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.[30] Another involved Imogen Thomas alongside a tagline using a double-entendre.[31]

Paddy Power has also been criticised for not paying out on bets with large odds. In 2009, when Shane Lowry won the Irish Open, it stated that it would not pay out on the 3000/1 odds which had mistakenly been offered and instead reached 'an arrangement' with those involved.[32][33]

Paddy Power also received hundreds of complaints in February 2012 when the company released an advertising campaign to distinguish "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.[34][35] 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.[36]

Further criticism was aimed at the Irish firm in March 2012 when, in the buildup to the Cheltenham Festival, it added a 'jockey' to the famous hill carving of a white horse in Uffington, Oxfordshire.[37]

During a UEFA Euro 2012 match between Denmark and Portugal on 13 June 2012, Danish forward Nicklas Bendtner celebrated his second goal by lowering his shorts and lifting his shirt to reveal a pair of Paddy Power underpants, to the disgust of the national team's sponsor Ladbrokes and tournament organisers UEFA. Bendtner was fined €100,000 by UEFA and banned for one game. He later described his actions as being regrettable and not premeditated.[38][39][40]

In early March 2014, 5,525 complaints, the most ever in history, were made to the U.K. Advertising Standards Authority (ASA) via an online petition launched for Paddy Power to pull an offer for betting on the outcome of the South African trial of Oscar Pistorius for murder of his girlfriend.[41] On 19 March 2014, the ASA upheld all 5,525 complaints that the advertisement was insensitive, made light of disability, made light of the death of a woman, made light of a murder trial, and brought advertising itself into disrepute.[42][43] The advert was discussed on an episode of The Last Leg, where Adam Hills made an impassioned speech condemning it.[44]

Prior to the 2014 FIFA World Cup, Paddy Power posted a photo on its Twitter account, sourced from Reddit, allegedly showing an overhead view of a Brazilian rainforest with the message "C'MON ENGLAND PP" spelled out by the former locations of trees that had been cut down. Following major criticisms over the ad from users, it was revealed on 8 June 2014 that the images were fake, and actually part of a campaign by Paddy Power to promote its anti-deforestation charity effort. The company stated that "we knew we’d drop off a fair few Christmas card lists yesterday, but we couldn’t resist a bit of fake twitter mischief to highlight an important issue to football fans as our World Cup warm-up. At least it gave people something to get animated about during last night’s England-Honduras bore fest."[45]

Paddy Power was criticised by the Information Commissioner's Office for its response to an incident in 2010 where a hacker was able to obtain personal information of more than 649,000 people from its website. The data included addresses, email addresses, phone numbers, dates of birth and security questions and answers. Paddy Power did not inform the Information Commissioner's Office until four years later.[46]

Notes

  1. 1 2 3 Preliminary Results 2014
  2. 1 2 Goodley, Simon (1 Mar 2003). "Did you hear the one about the Irish bookie? -". The Daily Telegraph. London. Retrieved 20 December 2012.
  3. 1 2 "Board of Directors". Paddy Power. Retrieved 20 December 2012.
  4. 1 2 Boyle, Pat (6 September 2003). "Gambler and bookie with a flair for highly unusual bets". Irish Independent. Retrieved 20 December 2012.
  5. 1 2 3 Clower, Michael (17 September 1998). "Man on the Power throne; Paddy Power are out to revolutionise Irish bookmaking by beaming pictures into their shops". The Racing Post. London. Retrieved 20 December 2012.
  6. ↑ Monaghan, Gabrielle (12 December 2010). "Fame & Fortune: Paddy Power". The Sunday Times. Retrieved 20 December 2012.
  7. ↑ "Bookmaker Paddy Power reports profits of Euros 18m". Finfacts Ireland. 31 August 2005. Retrieved 20 December 2012.
  8. ↑ Boyle, Pat (1 August 2001). "Power directors sell 15m of their shares". Irish Independent. Retrieved 20 December 2012.
  9. ↑ Boyle, Pat (23 November 2000). "Power races ahead for year-end float". Irish Independent. Retrieved 20 December 2012.
  10. ↑ "Paddy Power About Us". Retrieved 2014-12-21.
  11. ↑ Books (7 November 2008). "Irish Independent: Bookie in firing line over its sniper bet". The Irish Independent. Retrieved 23 August 2011.
  12. ↑ "Stoke staying up? You bet! Paddy Power says sorry over pay-out blunder". Daily Mail. London. 24 April 2009. Retrieved 18 April 2011.
  13. ↑ "Paddy Power PLC". Retrieved 24 January 2016.
  14. ↑ 26 Jul 2010 (26 July 2010). "Paddy Power Refunds Bets On Massa After Ferrari Farce". Betting.gamingsupermarket.com. Retrieved 23 August 2011.
  15. ↑ "Bookie pays out on New Zealand win - days before final showdown with France". Daily Mail. London. 20 October 2011.
  16. ↑ Books (20 November 2011). "Paddy Power biggest in Europe - Irish, Business". Independent.ie. Retrieved 4 January 2012.
  17. ↑ "Paddy Power". Retrieved 24 January 2016.
  18. ↑ Nesbitt, Louisa (14 May 2009). "Paddy Power Buys Stake in Australia's Sportsbet (Update2)". Bloomberg. Retrieved 4 January 2012.
  19. ↑ "BMAC Home page". Managementtoday.co.uk. Retrieved 4 January 2012.
  20. ↑ "Paddy Power (Ireland): Acquisition of Betfair Group (UK)". FTSE. 27 January 2016. Retrieved 29 January 2016.
  21. ↑ Association, Press. "Paddy Power and Betfair merger agreed". the Guardian. Retrieved 2015-09-10.
  22. ↑ "Paddy Power Betfair begin trading". Racing Post. 2 February 2016. Retrieved 3 February 2016.
  23. ↑ "Paddy Power and Betfair agree terms of merger deal". RTE. 8 September 2015. Retrieved 12 April 2016.
  24. ↑ "Paddy Power Betfair's Andy McCue to leave company". The Irish Times. 23 March 2016. Retrieved 12 April 2016.
  25. ↑ "Betting website pays out $1 million because it's certain Clinton beats Trump". CNN. 18 October 2016. Retrieved 9 November 2016.
  26. ↑ Fottrell, Quentin (24 May 2010). "Paddy Power Seeks To Cash In On Marine Life Extinction – The Source – WSJ". The Wall Street Journal. Retrieved 23 August 2011.
  27. ↑ "Paddy Power Removes Obama Assassination Odds Following Public Outcry". Gambling911.com. 9 November 2008. Retrieved 23 August 2011.
  28. ↑ "Paddy Power Removed Odds on Obama Assassination". SportsIntensity.com. Retrieved 23 August 2011.
  29. ↑ Hickman, Leo (16 December 2009). "Paddy Power offers odds on polar bears | Leo Hickman | Environment | guardian.co.uk". Guardian. UK. Retrieved 23 August 2011.
  30. ↑ Mark Sweney (11 May 2010). "ASA to investigate 'offensive' Paddy Power ad | Media | guardian.co.uk". Guardian. UK. Retrieved 23 August 2011.
  31. ↑ Mark Sweney and Juliette Garside (27 May 2011). "Paddy Power runs into controversy over Imogen Thomas newspaper ad | Media | guardian.co.uk". Guardian. UK. Retrieved 23 August 2011.
  32. ↑ GrabOne daily deals (20 May 2009). "Lowry's faithful fans empty out the bookies' tills in €1m winnings coup – National News, Frontpage". The Irish Independent. Retrieved 23 August 2011.
  33. ↑ "Paddy Power won't pay out 3000–1 'winner' | Bookies Blog". Blog.bookies.com. 18 October 2009. Retrieved 23 August 2011.
  34. ↑ Sweney, Mark (20 February 2012). "Paddy Power faces investigation over 'transgendered ladies' ad". The Guardian. London.
  35. ↑ Llewellyn, Angharad (28 February 2012). "'Tranquilise the chavs' ad: New Paddy Power controversy". The Sun. London. Retrieved 10 March 2012.
  36. ↑ Parsons, Chris (29 February 2012). "'Tranquilize the chavs': Bookmaker's hilarious Cheltenham Festival advert shows loutish racegoers being shot". Daily Mail. London. Retrieved 10 March 2012.
  37. ↑ "'Paddy Power White Horse Stunt': Bookmaker gives the Uffington White Horse a covert makeover.". 9 March 2012. Retrieved 10 March 2012.
  38. ↑ "Euro 2012: Nicklas Bendtner banned for underpants celebration". BBC Sport. 18 June 2012. Retrieved 18 June 2012.
  39. ↑ "'Danish Striker in hot water over ambush marketing': Bookmaker causes controversy at Euro2012.". Irish Independent. 14 June 2012. Retrieved 14 June 2012.
  40. ↑ "'UEFA opens case against Bendtner': Bookmaker causes controversy at Euro2012.". 15 June 2012. Retrieved 15 June 2012.
  41. ↑ Jivanda, Tomas (2 March 2014). "Oscar Pistorius murder trial: Paddy Power prompts outrage by offering 'money back if he walks' bets". The Independent. London. Retrieved 25 March 2014.
  42. ↑ "Rulings - Oscar Pistorius". Advertising Standards Authority (United Kingdom). 19 March 2014. Retrieved 24 March 2014.
  43. ↑ Press Association (19 March 2014). "Paddy Power's Pistorius ad brought advertising into disrepute, ASA rules". The Guardian. Retrieved 24 March 2014.
  44. ↑ "Adam Hills lets rip at Paddy Power over Oscar Pistorius advert". Metro UK. 7 March 2014. Retrieved 11 April 2014.
  45. ↑ "Is this the daftest Paddy Power PR stunt to date?". The Independent. Retrieved 9 June 2014.
  46. ↑ Leyden, John (31 July 2014). "Grabby baddie scours Paddy Power's towers: 650k punters leaked and it took 4 years to admit it". The Register. Retrieved 20 March 2015.

References

This article is issued from Wikipedia - version of the 11/27/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.