bit.ly
shares plunge on outcomes
bet9ja.com
Shares in Paddy Power Betfair have fallen by about 5% after the bookmaker unveiled frustrating first-quarter outcomes.
bet9ja.com
The company's underlying operating profit was up to ₤ 80m, compared to ₤ 91m for the exact same period in 2017.
bit.ly
It blamed bad weather in March for lower revenues from horseracing after 14% of UK and Irish races were cancelled.
bet9ja.com
New betting taxes and start-up losses in the US likewise took their toll.
The company said it was preparing to return ₤ 350m of cash to investors in the next 12 to 18 months, with a share buyback programme to be started quickly.
bit.ly
Paddy Power Betfair opened 3 brand-new shops in the UK and two in Ireland during the yohaig code quarter, taking its overall to 631.
'Good progress'
The company said group profits was down 2% at ₤ 408m for the quarter,
Growth in football betting was offset by "weakness in horseracing, which was negatively impacted by the high level of weather-related cancellations".
bit.ly
It anticipates full-year revenues to come in at in between ₤ 470m and ₤ 485m.
"We have actually made great development versus our tactical concerns," said primary executive Peter Jackson.
"In Europe, the successful conclusion of our platform combination has resulted in a meaningful enhancement to the Paddy Power item.
"In Australia, Sportsbet continues to carry out well and is targeting more market share growth."
"Weather is a huge consider our industry and the horrible start to this promotion code year has impacted many businesses, not just the bookies. It is not surprising that profits have actually dropped, however the real test will be through the spring and summertime," said Andy Bell from Bettingodds.com, external.
Betting company 'stopped working problem gamblers'
bit.ly
2 May 2018
bet9ja.com
Bookies seek betting machine reprieve
29 April 2018
1
Paddy Power Shares Slump On Results
earnestinerein edited this page 22 hours ago