Paddy Power shares plunge on outcomes
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Shares in Paddy Power Betfair have actually fallen by about 5% after the bookie revealed disappointing first-quarter results.

the yohaig code company's underlying operating revenue was up to ₤ 80m, compared with ₤ 91m for the same duration in 2017.
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It blamed bad weather condition in March for lower revenues from horseracing after 14% of UK and Irish races were cancelled.
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New wagering taxes and start-up losses in the US likewise took their toll.
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The company said it was preparing to return ₤ 350m of cash to shareholders in the next 12 to 18 months, with a share buyback programme to be started quickly.

Paddy Power Betfair opened three brand-new shops in the UK and two in Ireland throughout the quarter, taking its overall to 631.
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'Good progress'

The business said group revenue was down 2% at ₤ 408m for the quarter,

Growth in football wagering was balanced out by "weak point in horseracing, which was adversely affected by the high level of weather-related cancellations".

It anticipates full-year earnings to come in at in between ₤ 470m and ₤ 485m.
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"We have actually made great development versus our tactical concerns," Peter Jackson.

"In Europe, the successful completion of our platform combination has resulted in a significant improvement to the Paddy Power product.

"In Australia, Sportsbet continues to perform well and is targeting more market share growth."

"Weather is a huge element in our industry and the horrible start to this year has actually impacted many companies, not just the bookies. It is not surprising that revenues have actually plunged, but the genuine test will be through the spring and summer season," said Andy Bell from Bettingodds.com, external.

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