Paddy Power sees profits dip on back of betting pay-outs

Ireland’s largest betting and gaming company Paddy Power saw a 1.8% after-tax profits dip to €27m last year, the company said today, blaming hefty pay-outs to on-the-ball punters.

"A run of sporting results can favour one side or the other of the betting equation - last year certainly did not advantage bookmakers. That is not a moan. It’s just a fact of life in this business," a spokesman for Paddy Power said today.