Paddy Power to create 50 jobs after new deal

Irish bookmaker Paddy Power will generate 50 smart economy jobs in technology, risk management and quantitative analysis in the company's Tallaght headquarters by the summer of 2010, it was announced today.

Paddy Power is set to manage risk and pricing for French bookmaker PMU's new online sports betting business for the five-year period from 2010 as PMU expands into the French online sports betting market, which is scheduled to open up in the first half of next year.

PMU is the largest betting organisation in Europe with €9.3bn of turnover in 2008 generated through 10,000 retail outlets as well as its remote sales channels.

The bookmaker intends to create a further 200 high-end jobs in Tallaght during the subsequent three years.

Taoiseach Brian Cowen said: "Today's announcement shows that the smart economy is not a pipedream, it is happening all around us.

"Paddy Power is a prime example of a company with a talent for innovation that keeps on searching for new opportunities.

"The decision of a world class organisation like PMU to team up with Paddy Power is testament to Paddy Power's own world class expertise in e-commerce, product development and risk management.

"I want to pay tribute to the ambition, energy and professionalism of the Paddy Power management team and staff.

"I am delighted to officially launch the PMU partnership and hope to see Paddy Power continue to create many more smart economy jobs for Tallaght and for this country."

Philippe Germond, Chairman and CEO of PMU, said: "This partnership is going to enable PMU to offer sporting bets online under its own brand and retain direct management of its client database.

"Paddy Power will provide us with its expertise in sports betting. We are particularly happy to be associated with a company whose culture and values are close to our own.

"Through this partnership PMU is given the means to be ready for the opening of the online betting market in France next year."

Paddy Power chief executive Patrick Kennedy said: "This deal with PMU, which is a long term relationship with a high quality partner, is the ideal start for our new business to business operation.

"We continue to look for other quality opportunities in international markets, capitalising on our investment in people, expertise and particularly in our proprietary pricing and risk management technology.

"Our partnership with PMU further confirms our ability to build a leading international business out of Dublin, sustaining and creating Irish jobs."