World Cup Was Profitable For Online Gambling Firms

Paddy Power has reported a 54 per cent increase in pre-tax profit.

Bookmakers with online gambling portals made a healthy profit in the first half of 2010, driven largely by the World Cup in South Africa.

Paddy Power and William Hill have each announced positive figures, with the former enjoying a 54 per cent rise in pre-tax profit.

It is said to have made a total of £14.8 million on the four-week tournament, which was eventually won by Spain.

Tom Kenny, senior executive at the Association of British Bookmakers, says the competition was the biggest betting event on record.

"It's also worth noting the massive increase in broadband internet speed and coverage since the 2006 World Cup meant that many more punters were able to enjoy a high-quality online betting experience," he adds.

Another factor in the success of bookmakers was the failure of the England team, with many punters backing Fabio Capello's men before kick-off.

William Hill recently revealed a three per cent hike in pre-tax profit for the six-month period.