Bookie blames weather for winter losing streak

THE Paddy Power Betfair chain saw first-quarter profits come under pressure when punters slowed down their betting after enduring a four-month losing streak.

The Irish bookmaking group recorded flat revenue at £408m in the three months to March 31, while underlying earnings dipped 8% to £102m.

This, Paddy said, was down to customer activity in the UK being “adversely affected by the sustained period of bookmaker-friendly sports results from November to February”.

The chain has six outlets in the greater Belfast area.

Bookmakers cashed in over Christmas when a large number of bets were placed on Arsenal and Liverpool, who then went on to underperform over the festive period.

The bookmaker also flagged a “high level of racing fixture cancellations” — linked to the extreme weather in March — as dragging on its performance.

It expects full-year underlying earnings to come in between £470m and £495m.

Boss Peter Jackson said: “We have made good progress against our strategic priorities.

“In Europe, the successful completion of our platform integration has resulted in a meaningful improvement to the Paddy Power product.

“This has seen the brand’s gaming revenue returning to growth from February and a significant uplift in Cash Out usage and in-running betting during the Cheltenham Festival.”

The group is also returning £500m of cash to shareholders, which it said represents a step towards a “more efficient capital structure”.

It comes as bookmakers brace for the impact of Government cutting the maximum stake for fixed-odds betting terminals to £2.