Paddy Power, founded in 1988 by the merger of three existing Irish high street bookmakers, takes an unconventional approach to betting and gaming believing them to be firmly rooted in the leisure and entertainment space.

As such its mission is to make 'risk-based entertainment' more accessible and fun. It offers customers an unparalleled betting experience that is great value, great fun and has the best service.

Through this strategy the company has developed a strong reputation as "The Punter Friendly Bookmaker" and has become renowned for its unique "Money Back Specials".

Power has three possible outcomes - Win, Lose or Money Back.

While the company specialises in small stakes, fixed odds sports betting, it also offers odds on a number of non-sporting and novelty markets, such as election betting and the outcome of popular TV events.

It has pioneered a number of new products such as 'Lucky Numbers' (betting on which numbers will appear in the UK and Irish Lottery draws) and 'betting in running (live betting on sporting events while they are taking place).

At the end of 2005, turnover was €1,371.7 million, up 18.3% on 2004. Operating profit fell 3.2%% to €30.1 million in the same year.

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. Market capitalisation at 1 June 2006 was €728.9m.