Paddy Power down as figures released

PADDY POWER, Ireland’s largest bookmaker, fell the most in almost three months in Dublin trading, after figures showed the Irish horse racing industry shrank in 2008 for the first time in 15 years.

Paddy Power fell 7.8%, or €1, to €11.90 , the biggest fall since October. The stock has fallen 11% this year, giving it a market value of €566 million.

Horse Racing Ireland, the government agency that runs the sport, said yesterday that on-course betting fell 18.2% in 2008 because of the economic decline and bad weather.

The figures “give some indication of the impact the weaker consumer environment is having on gambling spend in Ireland,” Gavin Kelleher, an analyst at Merrion Stockbrokers in Dublin, wrote in a note to clients.