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Paddy Power down EUR 11M in profits blow

Paddy Power down EUR 11M in profits blow

Punters and bettors have hit the Irish bookmaker a powerfull €11 million blow after poor football and racing results. Paddy Power, whose strength lies in its online operations gaining up to three quarters of its profits online, said their were badly hit after disastrous results and wagering at the Melbourne Cup in Australia and the European Champions League.

Paddy Power has released figures on a recent report and stated they expect profits for the full year 2013 to be about €11 million less than was anticipated in their August report. A similar situation came to light during July which proved to be an unfavourable month.

Shares for the giant bookmaker fell 8%, but its main competitors Ladbrokes and William Hill also experienced a drop in share prices. According to a spokesperson for Paddy Power, poor results in sports wagering obscured otherwise good company performance like the 5% increase in turnover experienced by the retail shops on like for like basis.

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