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.
Shares in Paddy Power owner Flutter Entertainment — which is set to publish annual results — were stable despite rival William Hill suffering after it said further UK regulatory changes were likely to weigh on results this year.
A handful of Irish-related shares, including Tullow Oil, Glanbia and Bord Gáis owner Centria, were among the big stock market losers in Europe in the past year. Flutter Entertainment, which owns Paddy Power and Betfair, as well as Ryanair and Kerry Group were, however, among the big winners.
William Hill plans to cut about a third of its betting shops and jobs in the UK after the British government slashed the maximum stake permitted on fixed-odds terminals, dubbed the “crack cocaine” of gambling by their critics.