Betting firm Paddy Power is to create 500 new jobs in Dublin over the next three years as part of a global expansion.
The company says that by the end of 2013 it will have created an additional 1,440 jobs globally.
Paddy Power will employ over 2,000 staff in Ireland when its expansion here is complete. The company is also creating 810 jobs in the UK, and 130 jobs in Australia as its international business grows. All of the new jobs will be in place by the end of 2013.
Most of the new Irish jobs will be at its online international business in Tallaght, and the positions are for technicians, quantitative researchers and in marketing and risk management. The rest will be in Paddy Power shops.
'We have very strong home grown expertise which has already opened doors in the UK, Australia and France. We operate in highly competitive markets and it is essential that we remain competitive here our of Ireland in order to continue to expand this business and create more jobs,' commented Paddy Power's chief executive Patrick Kennedy.
He also said that the benefit to the economy of the company's expansion extends beyond job creation. He points out that Paddy Power pays corporation tax in Ireland on all its internet and telephone profits from the 162 countries in which it does business.
'In 2009 we paid €41m to the Irish Exchequer, €19m of which was generated from locating our internet and telephone business in Tallaght. As the business expands in the coming years, this figure will rise significantly,' he added.
Bookies upgrade 2010 earnings forecast
Paddy Power said today that growth prospects are strong for its online business. This morning, in an interim management statement, it upgraded its earnings forecast for the financial year.
It says its retail, online and telephone businesses serving Irish customers, which make up about a third of group operating profit, have performed in line with expectations, but that Irish economic conditions have become more challenging during the period.
In an update on the months from July to the middle of November, Paddy Power said that the like for like amounts staked in its Irish operations fell by 8% while like for like gross wins were up 9%.
It said it now expects to report underlying earnings per share growth in 2010 of 35-40% compared to 2009. Those figures are subject to the volatility that could arise from sporting events for the rest of the year.
'The strong growth in group profitability in the first six months has continued into the second half, with a particularly strong performance in our international online businesses and UK retail activities,' commented Patrick Kennedy.
Shares in Paddy Power closed down 0.3% at €28.90 in Dublin.
