Paddy Power Hit By Negative Sporting Results

paddypowerGaming operator  Paddy Power announced that it expected full year operating profit to be about €11 million lower than its forecast  target set three months ago, the lowered profit revenues were caused due to nfavourable soccer and horse racing results.

Paddy Power who had commenced 2013 with an operating profit increase of 12 per cent to €75.4 million in the first half of the year with the group’s market-leading online division driving revenues up 22 per cent, The operator had also witnessed growth in its Australian sports betting and igaming division which had seen incremental growth of 17%.

The last three months of 2013 have not been kind to the Dublin based gaming operator, as profits have been affected by negative results in Champions League Football betting and big payouts in the Australian Spring Horse Racing Carnival

A company statement read – “We now expect low to mid single digit percentage operating profit growth in 2013 in constant currency, before currency translation headwinds of 3 per cent,” Paddy Power said in a trading update covering the period July 1 to November 17. “This is approximately €11 million lower than the mid-point of our guidance at the time of our interim results.”

Paddy Power reported that although negative sporting results had affected its profits, positives could be drawn from wagering activity on Paddy Power products. Sports betting turnover had increased by 15% during the period, while its retail division witnessed a growth of 5% in in shop betting and wagering.

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