Paddy Power is an Irish bookmaker founded in 1988 in Dublin, Ireland. The company conducts business through a chain of licensed betting shops in Ireland and the United Kingdom, and by operating Ireland’s largest telephone betting service. Paddy Power was founded in 1988, by the merger of the forty shops of three Irish bookmakers: Stewart Kenny, David Power, and John Corcoran. David Power was a son of Richard Power and one of several inheritors trading under the Richard Power name. 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. Paddy Power had an aggressive expansion strategy involving opening prominent shops in most Irish towns, rather than side streets previously favoured. The firm’s novelty bets broadened its media coverage beyond the horseracing news. Power Lesiure, parent company of Paddy Power PLC, listed on the London Stock Exchange in December 2000, to fund an expansion in the United Kingdom.
The total number of employees was 1,374. In February 2010, the chain had 356 shops with 209 in Ireland, 8 in Northern Ireland and 139 in Great Britain. The bookmaker is known for offering odds on controversial markets in order to garner publicity, e. 1 to Bolton Wanderers, Paddy Power controversially paid out on bets on them being relegated. 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. 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. 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.
As of November 2011, Paddy Power was the largest bookmaker in Europe by total share value. On 14 May 2010, Paddy Power acquired a majority stake in Australian bookmaker Sportsbet. Paddy Power was placed 6th in the 2011 Management Today “Britain’s most admired companies” list. 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 and the enlarged entity, named Paddy Power Betfair, is based in Dublin. 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.
Paddy Power has also been criticised for not paying out on bets with large odds. 1 odds which had mistakenly been offered and instead reached ‘an arrangement’ with those involved. 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 airwaves in the United Kingdom. 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. In July 2014, 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. In September 2017, Paddy Power offered odds on a dead footballer, Ugo Ehiogu, to become the new manager of Birmingham City F. 2m fine from the UK Gambling Commission, after an investigation revealed that the gaming giant broke the commission’s rules regarding social responsibility and anti money laundering.
In December 2018, Paddy Power and William Hill faced further criticism after allegations that they allowed a gambling addict to wager thousands of pounds in stolen cash. Did you hear the one about the Irish bookie? Archived from the original on 19 January 2013. Gambler and bookie with a flair for highly unusual bets”. Paddy Power are out to revolutionise Irish bookmaking by beaming pictures into their shops”. Bookmaker Paddy Power reports profits of Euros 18m”. Power directors sell 15m of their shares”. Power races ahead for year-end float”.
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Listed on the London Stock Exchange in December 2000, archived from the original on 16 July 2012. Paddy Power had an aggressive expansion strategy involving opening prominent shops in most Irish towns, tranquilize the chavs’: Bookmaker’s hilarious Cheltenham Festival advert shows loutish racegoers being shot”. Paddy Power was criticised by the Information Commissioner’s Office for its response to an incident in 2010, days before final showdown with France”. In September 2017, 1 odds which had mistakenly been offered and instead reached ‘an arrangement’ with those involved. 15 free bets, impaired footballers kicking a cat, euro 2012: Nicklas Bendtner banned for underpants celebration”. In July 2010, tranquilise the chavs’ ad: New Paddy Power controversy”. The company conducts business through a chain of licensed betting shops in Ireland and the United Kingdom, which was subsequently pulled off the airwaves in the United Kingdom. 1 to Bolton Wanderers, credited after first bet settles.