Betfair profits badly hit by coronavirus17th March 2020 |
According to the Guardian, the gambling group that owns Paddy Power and Betfair, Flutter, has warned of extraordinary times as it issued a profits warning just after sports events around the world were cancelled or postponed due to Coronavirus. Should the mass gatherings ban remain in place, sports events such as the Euro 2020 football tournament will have to be cancelled. Flutter added that this would be detrimental for Flutter as this will result in a plunge of profits as annual profits will come in £90m-110million lower than expected.
Flutter will continue to lose an additional £30 million in profits each month if horse riding fixtures in the UK, Ireland and other countries are cancelled. In addition to this, the UK and Irish betting shops will have to close. Flutter’s chief executive, Peter Jackson has said that the current challenges that the business and the industry are facing, on the whole, is very unusual these days.
Bookmaker William Hill has said that it will be suspending its dividend payout to its shareholders since sporting events were cancelled and casino closed due to Covid-19.
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