Paddy Power tumbles as sport restrictions set to wipe €120m off profits

Shares in Paddy Power owner Flutter Entertainment plunged by almost 13% after the betting services group said it expects to take a £90m-£110m (€100m-€120m) earnings hit, this year, if restrictions on international sporting events persist until the end of August.

That guidance factors in an expected postponement of this summer’s Euro 2020 international soccer tournament, which is currently scheduled to take place in 12 European cities – including Dublin - across June and July.