Flutter revenues more resilient than expected to sports shutdown [Reuters]
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Source: Reuters
Flutter revenues more resilient than expected to sports shutdown DUBLIN (Reuters) - Paddy Power Betfair parent Flutter Entertainment said revenues had been more resilient to coronavirus disruption than expected, with the U.S. gaming market and continued Australian horse racing partly offsetting a global sports events shutdown. The Irish betting group estimated a month ago that it would take at least a 90 to 110 million pound ($112 million-$137 million) hit to its full-year earnings if curbs on sports fixtures remained in place until the end of August. It had also flagged a possible further 30 million pound rolling monthly hit if horse racing was cancelled in Britain, Australia and Ireland and its shops closed. While racing has since ended in Britain and Ireland, and all Paddy Power stores shut, its continuation in Australia limited the year-on-year decline in revenue from March 16 to April 12 to 32%, less of a sports hit than the gambling group expected. Paddy Power Betfair’s online r
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