Paddy Power.

[Belker]

How was Paddy Power founded ?

Back in the early Eighties when I left school I started work in a Bookies office in Parnell place next to the Cork docklands, it was a real Baptismal of Fire fer me as a raw 15 year old to be thrown in with the drunken dockers, Assault of a staff member was a weekly occurrence, verbal abuse to a staff member was an hourly occurrence !

The betting tax back then was 20%, the Dockers paid it as they had more money than sense and the old Joe's paid it on their 10 pence morning Yankee's, but no one else paid it, any regular had what was called an "Under the counter" account, they would present their bet as £2 on whatever, but the meaning of £2 was actually £20 but the Tax was paid on only the £2 but the full £20 would be paid upfront fer the bet and the .40 pence Tax on the seemingly £2 bet would be waived by the Bookie.

[Bubba Ho-Tep]

That`s how Paddy Power got started ?

[Belker]

Back in the Eighties many Irish bookmakers most namingly Liam Cashman from Cork, Terry Rodgers, Stewart Kenny, Etc. lobbied the Irish Government to reduce the betting tax from 20% to a par with our British counterparts to 10% with a whole heap of Bull$hite about how jobs would be lost, Etc.. After much persuasion and after many years of lobbying the Irish government gave in and reduced the betting tax to 10%. That was the Match that lit the Fire !

[Belker]

That`s how Paddy Power got started ?

Relax Bubba, I'm telling the story and I have to think it out in my own mind before truthfully posting it,
It might be a while before I finish the tale, but it will all be True.

[Shallowhal]

Probably be filmed and out on Netflix before you're finished your post Ken!!

[john m]

Paddy Power got started when Ladbrokes decided to come into Ireland  followed by Mecca and Coral .They got around the licencing laws by getting different individuals to hold licences for each shop as it was not allowed to hold corporate bookies licences .Irish bookies knew they had to unite to compete against the British Multinationals who offered bright lights and Brand recognition .Stewart Kenny and Kenny O Reilly were the first to join forces under the Kenny O Reilly name with two shops in Thomas Street and Suir Road then Gay who had a shop on Queen Street joind up .Stewart Kenny then brought other bookies on board and got investers from outside the industry and the rest was history .Kenny O Reilly sold out his share and bought the Killiney Graduate Pub .Great lesson for the taxi business the small independent got wiped out .But the clever bookies like Cecil Fines and Hackets knew the score they were property speculators who offset profits from the bookies business to pay martgages .I remember talking to Ivan Yates and trying to explain why Celtic Bookmakers would not work .The clever lads sold out to Ladbrkes in the early 80s .Sold the Good will but got Laddies to take on long leases that paid for the property .Only reason bookie shops are open now is the companies are tied into long leases or are purchasing the property most betting now is done on line .Bay City Rollers played Leopardstown last Thursday 7000 people attended and I know one bookie didnt cover his expences doubt other that Hegarty any bookie is making coin at the Dogs

[The Liffey Lip]

PP Jr is some shrewd bisinessman..........he knows all about diversity, and not the pink n fluffy, commy nonsense either.

[john m]

PP Jr is some shrewd bisinessman..........he knows all about diversity, and not the pink n fluffy, commy nonsense either.

PP Jr is the PR man for paddy his old man Richard is a shareholder

[Belker]

...... After much persuasion and after many years of lobbying by the Irish bookies the Irish government gave in and reduced the betting tax to 10%. That was the Match that lit the Fire !

No sooner had the Irish government halved the betting tax from 20% to 10% in circa 1988 then the English bookies came a knocking at our doors and offering ludicrous sums of money fer any old shinty of a betting office anywhere in Ireland with a licence. Kenny, O Reily, Mahoney's from Cork, Etc. all sold up fer huge money and most signed an exclusion waiver not to open another shop within a certain radius of where they had sold up from.
The Irish government were watching all this and thinking to themselves; "Didn't we just get Sold down the River, the bookies lobbied us fer a reduction in the betting tax telling us of job losses and a load of bullshite and we believed them, and now they are all selling their shops to the English fer squillions !".

[Belker]

Paddy Power got started when Ladbrokes decided to come into Ireland  followed by Mecca and Coral .......

I don't think Mecca (formerly City Tote) ever made it to Eire, I think that they had merged with Coral pre 1988.
It was probably Stanley Racing that you were thinking of ?

[Belker]

The Irish bookies who sold up (and the majority of them got about Ten times what their property/licences were worth) were now sitting on a huge pile of cash and nothing to do with it. Mahoney's from Cork went in to the Casino business buying up the Victoria sporting club which still runs today.
And a few Dooblin bookies clubbed together to set up Paddy Power bookmakers and give the Irish government the ultimate Finger !
No rules were broken and No illegal wrongs were done, but No honourable Rights were done either !

Paddy Power know their place today with the Irish government, they know full well that their copy book is well blotted and it is far from forgotten, the 'Rub of the Green' will never be with Paddy Power from the Irish government.

But no taking it away from Paddy Power from Day 1 they have been a well oiled machine with a wealth of gambling knowledge from their founders, offering money-backs on dubious results, tongue-in-cheek adverts and more daily specials than Tesco's. They were First off the grid when the online kicked in and the only One ahead of them was Betfair, so they bought it !

[Belker]

Ladbroke's are No Saints either, to make a very long story short, Ladbroke's ran many casino's in the Sixties, Ladbroke employee's would often go to other casino's and see who was betting big, follow them outside, take their car reg, get an unscrupulous police officer to give them their address and then post the big punter a few Gifts and Freebie vouchers fer a Ladbroke casino, but they got caught doing it and had their casino licences suspended fer Ten years.

Google it if'n ya don't believe me, it will all be there.

[Belker]

Terry Ramsden was another Blot on Ladbroke's copybook, Again a Long story made short, Terry was a financial whizz-kid back in the Eighties and he bet in Millions weekly with Ladbroke's without question as he was a big loser. As it turned out Terry was skimming off the top to fund his gambling habit and Ladbroke's never questioned him as to where the money was coming from. When the whole thing blew up and Terry got sent down, the gaming board had a long frowning look at Ladbroke, but they escaped any disciplinary proceedings.

[Belker]

......I remember talking to Ivan Yates and trying to explain why Celtic Bookmakers would not work ......

Ivan Yeats is/was a good man, way too honest,decent and respectable fer the cut throath business that he was in !

[Bob Shillin]

......I remember talking to Ivan Yates and trying to explain why Celtic Bookmakers would not work ......

Ivan Yeats is/was a good man, way too honest,decent and respectable fer the cut throath business that he was in !

I'ld say that he stung a few people when he went on his bankruptcy sabbatical, had his holliers for a year in USA also. Seemed to be at every race meeting and sports event there was while a lot of folks including meself were working their holes off to honour their debts