Leading bookmaker of Ireland Paddy Power has reported a rise of 54% in its profits for first six months of this year and reached to 43 million pounds.

The company has said that it had seen a sharp rise in profit i. e. of almost 60% because of its betting shop estate as it has opened 27 new stores in the reviewed time period. The company has also generated 15 million pounds from losing punters because of the FIFA World Cup 2010 tournament.

According to Paddy Power, the annual profit is expected to exceed the current market forecasts. The customers of Paddy Power bet 70.5 million pounds on the FIFA World Cup in South Africa.

The company had seen a significant profit by unfavorable horse racing results in the last year and now the chief executive of Paddy Power, Patrick Kennedy has said that the profits of this year was because of the football world cup.

The company has also mentioned about the clean sweep of rugby's Grand Slam, Magners League and Heineken Cup titles by the team of Ireland helped the profits of the company to rise sharply.