Irish bookmaker Paddy Power Plc reports a 53 percent rise in pre-tax profit to £75.8 million in 2007, way ahead of expectations. Chief executive Patrick Kennedy admits "The chances of repeating that level of profit growth are very, very slim,” but the company has ambitious expansion plans nonetheless. For one thing, the company plans to increase its retail presence in the UK. Paddy Power's shares rose 1.6 percent on the day and now stand at 21.50p.
Visa confirmed last week that it would go ahead with an initial public offering of half its shares... and soon. The world's largest credit card operator thinks it can raise $18.8 billion through the sale.
PC and console video gaming company Electronic Arts announced a hostile $2 billion takeover bid for Take-Two, owner of the Grand Theft Auto line of games. Take-Two rejected the offer.
A new bill in Israel will require Internet service providers to block sex-, gambling- and violence-oriented Web sites from customers who do not specifically ask for access to said sites. The bill, presented by MK Amnon Cohen of the ultra-Orthodox Shas party, received a first reading on Wednesday at the Knesset. A similar bill was passed preliminarily in February 2007, but it didn't make it through government.
The US economy is facing tough times, but across the country Americans do not appear to be gambling any less, at least if Harrah's books are any indicator. The company with the most casinos nationwide increased both revenue and profit during the fourth quarter compared to the same period a year ago.