Paddy Power boss to step down after eight years

The advert has prompted a number of complaints to the Advertising Standards Authority (Paddy Power)

Paddy Power chief executive Patrick Kennedy has announced plans to step down after nearly a decade at the helm of the controversial Irish bookie.

Kennedy, whose 1.2 per cent stake is worth around €30 million (£24.5 million), has overseen a quadrupling of pre-tax profits since taking over in January 2006.

On his watch the bookmaker has not shied away from provoking outrage with stunts such as taking bets on the Oscar Pistorius murder trial.

Paddy, like other bookmakers, had a good Cheltenham festival but has been hit by a host of football favourites winning.

Higher takings from gaming machines made up the shortfall, leaving net revenue up 1 per cent since the start of the year.