bet9ja.com
Paddy Power shares plunge on results

Shares in Paddy Power Betfair have fallen by about 5% after the bookie revealed disappointing first-quarter results.
bet9ja.com
The company's underlying operating profit was up to ₤ 80m, compared to ₤ 91m for the very same duration in 2017.
bit.ly
It blamed bad weather in March for lower profits from horseracing after 14% of UK and Irish races were cancelled.

New betting taxes and start-up losses in the US also took their toll.
bet9ja.com
The company stated it was preparing to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback programme to be initiated shortly.
bet9ja.com
Paddy Power Betfair opened three new stores in the UK and 2 in Ireland during the quarter, taking its total to 631.

'Good development'

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

Growth in football wagering was balanced out by "weakness in horseracing, which was negatively affected by the high level of weather-related cancellations".
bet9ja.com
It expects full-year to come in at between ₤ 470m and ₤ 485m.
bet9ja.com
"We have actually made great progress against our tactical top priorities," said president Peter Jackson.
bit.ly
"In Europe, the effective conclusion of our platform combination has resulted in a meaningful enhancement to the yohaig code Paddy Power item.

"In Australia, Sportsbet continues to carry out well and is targeting further market share growth."

"Weather is a big factor in our industry and the awful start to this promotion code year has actually affected lots of companies, not simply the bookmakers. It is not surprising that earnings have actually dropped, but the real test will be through the spring and summer," said Andy Bell from Bettingodds.com, external.
bet9ja.com
Betting firm 'failed issue gamblers'
bit.ly
2 May 2018

Bookies look for gambling machine reprieve

29 April 2018