Paddy Power shares plunge on results

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

The company's underlying operating revenue was up to ₤ 80m, compared with ₤ 91m for the same period in 2017.

It blamed bad weather in March for lower incomes from horseracing after 14% of UK and Irish races were cancelled.

New betting taxes and start-up losses in the US likewise took their toll.
bet9ja.com
the yohaig code 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 initiated shortly.

Paddy Power Betfair opened 3 in the UK and 2 in Ireland during the quarter, taking its total to 631.
bet9ja.com
'Good progress'
bit.ly
The company stated group earnings was down 2% at ₤ 408m for the quarter,

Growth in football wagering was balanced out by "weakness in horseracing, which was adversely impacted by the high level of weather-related cancellations".
bit.ly
It expects full-year earnings to come in at in between ₤ 470m and ₤ 485m.

"We have made excellent development versus our strategic top priorities," stated president Peter Jackson.

"In Europe, the successful completion of our platform integration has actually led to a significant enhancement to the Paddy Power item.
bet9ja.com
"In Australia, Sportsbet continues to carry out well and is targeting further market share development."

"Weather is a huge consider our industry and the terrible start to this promotion code year has actually impacted numerous businesses, not simply the bookmakers. It is not unexpected that revenues have actually dropped, but the genuine test will be through the spring and summer," stated Andy Bell from Bettingodds.com, external.
bet9ja.com
Betting firm 'failed issue bettors'
bit.ly
2 May 2018

Bookies seek gambling maker reprieve

29 April 2018