Bookmakers’ value falls as punters keep winning

ALMOST €200 million was wiped off the value of Paddy Power after the bookmaker warned that a winning streak by punters would hit profits this year.

The company said that in the last three weeks results were €4m behind target as horseracing results went against bookmakers.

The unexpected trading update from the country’s biggest betting outfit said its gross win margin (the percentage of turnover after paying out on winning bets) had declined again.