Paddy Power shares jumped 10% higher to €73 on Tuesday morning in London after the bookmaker reported bumper earnings for 2014 and pledged to return cash to shareholders.The Irish based gambling company reported a record profit before tax, up 21% to €167m on the previous year with earnings per share up 18% to 297.6 cent. Sales increased by 18.2% to €882m, driven by strong momentum in online and retail operations.Online, the group experienced strong double digit percentage growth across all top-line metrics, pushing operating profit up by 21% to €126.6m.The bookmaker said in domestic retail markets, UK operating profit is up 50% to €21.2m with like-for-like net revenue up 8%. Meanwhile, Irish retail operating profit is up 15% to €15.6m with like-for-like net revenue up 3%.Shareholders are embracing the results with glee as Paddy Power said it would raise debt to return €392m (or €8.00 per share) in cash to shareholders, moving it from a position of net cash to net debt of one times earnings before interest, tax, depreciation and amortisation.The group proposed a full year dividend of 152p, up 13% from 2013. Paddy Power's chief executive, Andy McCue said last year was an excellent year for the group with robust double digit growth in stakes, revenues and profits, and a marked increase in customer acquisition."We are strongly positioned in the key growth areas of online and mobile, whilst also benefiting from a differentiated and resilient retail presence," said McCue. Paddy Power now operates 565 shops in the UK and Ireland, up 75 from the previous year.Greg Johnson, analyst at Shore Capital maintained a buy rating on the stock, stating the performance was solid for 2014."Current trading appears with robust, although the group appears more cautious on Italy, with sportsbook stakes ahead 18% online and 8% LFL in retail, ahead of our full year expectations, and results said to be in line with long-term trends," said Johnson.