Patrick Kennedy says he will leave the company next April. He joined Paddy Power in 2005 and became chief executive in January 2006.

Over that time profits at the company have jumped from €31 million to €141m. It’s also expanded outside of its main Ireland and UK markets and is now Australia’s largest online bookie.

“I have loved every day of being Paddy Power's chief executive. It is as fun and as interesting a job as anyone could hope to have,” Kennedy said in a statement. I have always had a personal view that after ten years at the helm, change is good, both for the business and the individual.” 

The board of the bookmaker says it will begin the hunt now for a replacement.

Separately, the company said that it’s been hit by punters winning large amount on football bets.

Bookmakers were stung in March over a couple of weekends when all favourites won their matches in the Premier League.

“The adverse results in the period were concentrated in football resulting in our two worst weekends ever for football profitability. This contrasts with overall positive sports results in the equivalent period last year, which will unfavourably impact year-on-year first half results,” Paddy Power said.

The amount of bets place across the company is continuing to grow with its online gaming bets up 20%. It says mobile gaming now accounts for 54% of its online revenues.

At its betting shops in Ireland and the UK, Paddy Power says the amounts staked by punters rose by 5%. The company added that it opened 25 new bettering shops so far this year.