Paddy Power closing P.M.U. agreement
November 15, 2009, 11:47 am (8 years ago)
Irish online and offline bookmaker Paddy Power has penned its agreement with the French gambling monopoly Pari Mutuel Urbain (PMU) which is going to open its way into the liberalized French gambling market at the beginning of 2010.
The bookie firm stated it stays on course to meet market anticipations for full-year earnings, augmenting its shares by 5.6 % midweek. The contract with PMU is going to allow Paddy Power to be devoted to a 5-year outsourcing agreement to supply betting technology and pricing to the French horse racing operator, the biggest betting group in Europe with Euros 9.3 billion of income in 2008, as shown by the Reuters news agency.
Analysts were excited about the agreement, stating that it could benefit Paddy Power in a B2B sense with other French and European companies as Europe is likely to open up and control rather than lock up gambling to state monopolies.