Coronavirus: Paddy Power drops 10% despite Cheltenham confidence

Shares in Paddy Power owner Flutter Entertainment crashed by nearly 10% despite the betting company expressing confidence that the Cheltenham horseracing festival will go ahead next month amid fears mass public events could be caught up in the fallout from the spread of the coronavirus.

Speaking after the group reported a 38% drop in annual profit, Flutter chief executive Peter Jackson said while there is “clearly going to be some disruption” to sporting events, Cheltenham — a key revenue earner for Flutter through its Paddy Power and Betfair brands — has a 70%-75% chance of survival this year.