Business Irish

Wednesday 27 August 2014

Paddy Power readies 'cash-out' service for nervous gamblers

Nick Webb

Published 24/11/2013 | 20:30

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BOW OUT EARLY: Soon you will be able to cash in your bet on the likes of Brian O'Driscoll and Co before the full-time whistle

Patrick Kennedy's Paddy Power bookmakers is poised to launch a new "cash-out" service for its rapidly expanding army of online customers.

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Betting exchange Betfair pioneered the cash-out service, which enables customers to cash in their bet before a race or a football match is even finished.

It has become a pivotal part of online gambling.

The cash-out service is one of a set of technology innovations that Paddy Power is preparing to launch in the near future, the company told investors last week.

"In November we'll be releasing the first of our cash-out products as well, which would be on football betting, and we expect that to launch over the next week or two," Paddy Power's Peter O'Donovan told investors last week.

Europe's most valuable bookmaker was mauled on the markets last week as it detailed increasing levels of competition and a savage run of favourites winning.

Sunday Independent

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