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Paddy Power was founded in 1988 by the merger of three existing Irish main street bookmakers. The company also markets its services in the UK and is a publicly quoted company, listed on the Irish and UK stock exchanges. 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, Paddy Power acquired Northern Ireland independent bookmaker McGranaghan Racing bringing Paddy Power's shop count to 191 in Ireland. 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 US President Barack Obama 'would not finish' his first term (this was widely interpreted as his odds of assassination). Paddy Power are sponsors of Swansea City F.C., St. Patrick's Athletic and Old Rutlishians XVA and XVB rugby teams.. In July 2010, the company took the unusual step of refunding bets placed on Filipe 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 . |
