Paddy Power chief executive Patrick Kennedy has pocketed nearly €5 million from the sale of part of his shareholding in the company.

In a statement to the Irish Stock Exchange, the company said Kennedy sold about 71,500 shares at an average price of €68.20.

Even after the sale Kennedy remains a significant investor in the bookie holding shares currently worth about €34 million on paper.

Shares in Paddy Power have soared over the last year by 47% as its profits hit all-time highs and its online betting business expands internationally. Last month, the company reported profits of nearly €140 million.

While bookmaker shops are suffering, betting companies are seeing increased online use. Paddy Power has 1.6 million active users around the world, a jump of 44% from a year ago. Its expansion has led it to the UK, France, Italy and Australia.

The America market has yet to be cracked by any company because of restrictions on gambling. But Paddy Power has a team on the ground in Nevada in advance of expected new regulations that will allow online gaming.

Paddy Power's annual report, expected to published in the next few weeks, will reveal details of Kennedy's salary and bonus for the last year. Given the increase in profits he's in line for a alarmed bonus and share options.

Investors are unlikely to company as they have seen the dividend paid to them hiked at €1.20 a share.