Cheltenham eats into Paddy Power-Betfair cheer

Shares in newly merged betting services firm Paddy Power-Betfair fell by nearly 4% yesterday, before recovering slightly, after the group said first-quarter revenues were affected by adverse sports results, including a €20m hit from the Cheltenham festival in March.

Leading bookmakers across Ireland and Britain lost a combined €76m at Cheltenham this year.

Ladbrokes said last month the festival had been the worst in living memory and had taken the shine off an encouraging quarter.