BOOKMAKER BOYLESPORTS is to spend €3 million on expanding its internet business into Spain and a number of other European countries over the next year.
The group, owned by founder John Boyle and his family, has hired John Overett, a former executive with successful Austrian online sports betting specialist Bwin, to lead a team of 20 people who will develop websites and gambling products for European markets.
Chief executive Daniel O'Mahoney said yesterday that Boylesports plans to have its Spanish language site running within two months.
It is planning to add a second language in December.
"We're looking at adding another four next year," Mr O'Mahoney said.
He estimated that the cost of the expansion would run to €3 million over the next 12 months.
In the 12 months to the end of June, turnover at the group increased by 16 per cent to €770 million, while gross profit was up 18 per cent over the same period to €85 million.
Boyles recently decided to change its financial year end to December which will allow it to compare performance against its competitors, most of whose financial years coincide with the calendar.
The group is debt free and is continuing to expand its retail and on-line operations.
"We tend to invest for three to five years ahead, and if we switch the taps off, it can be hard to switch them on again," Mr O'Mahoney said.
The move to attract European punters is part of this strategy. A number of EU countries are beginning to relinquish their state monopolies on gambling and are opening up their markets. Mr O'Mahoney said that Boyles expects this process to continue over the next year.
Soccer is a key part of the European betting market. The group has been working to cement its relationship with the sport in recent weeks.
Boyles is shirt sponsor of Irish-owned English premiership side Sunderland, and recently signed a deal to become betting partner with another side, Aston Villa.
In the Republic, it has signed a €1 million deal to become the Football Association of Ireland's official betting partner, a move it is planning to flag with special offers this weekend.
"Soccer is very important in the European market, and we can see plenty of opportunities for growing this market here as well," Mr O'Mahoney said.
