Paddy Power owner's shares tumble as cash dividend pulled

With sporting many sporting events postponed, Paddy Power/Betfair has said that it expects to take an earnings hit this year

Paddy Power owner Flutter Entertainment is to pay its 2019 dividend to investors in the form of shares, rather than cash, as it looks to prudently manage its reserves in the face of industry uncertainty prompted by the Covid-19 outbreak.

The betting services group made the announcement as it published its shareholder circular regarding its proposed $6bn (€5.5bn) takeover of Canadian online poker and betting business The Stars Group.