Bookmaker Paddy Power announced on Tuesday that its profits for 2009 tumbled year-on-year 15 per cent to 67.2 million euros.

Paddy Power described the past year as ‘cracking year for punters’ as its punters enjoyed a series of winning results.

Paddy Power suffered as punters won, particularly with bets placed on Ireland's Six Nations rugby grand slam and horse racing.

Speaking on the topic, CEO Patrick Kennedy said, “The year saw a slew of punter-friendly sporting results which was the exact opposite to the experience of the prior year.”

But, the company said that it experienced a satisfactory start in 2010 and confident of its prospects for the running year.

Company’s 85 per cent of operating profit came from the internet and its market share in Britain is roughly 10 per cent online and 1 per cent on the high street.

Last year, Paddy Power acquired Sportsbet in Australia, which increased company’s market share by 74 per cent in Australia.

Dublin-based Paddy Power added that it would take further steps to develop its online business.