€10m soccer punch to hit Paddy Power first-half result

Paddy Power has said that its "two worst weekends ever for football profitability" earlier this year cost it — in gross terms — €10m, and will unfavourably impact on year-on-year group first half financial results.

The weekends of January 11-13 and March 22-23 both saw nine of the 10 favourites in Premier League fixtures win, resulting in Paddy Power and other bookies paying out on accumulator bets tracking the favourites.

However, despite this the company said yesterday via its latest trading update that it expects the impact of adverse sports results to be “largely offset by the impact of positive top-line momentum, the recycling of winnings by customers, favourable exchange rate movements, and the later-than-expected introduction of the Irish online and phone betting tax”.