Paddy reins in losses

PAddy Power Betfair said profits could stall this year as punters rein in betting after months of losses.

The bookmaker, formed by the merger of Paddy Power and Betfair in 2016, expects to make between £470m and £495m this year. That follows profits of £473m last year.

The forecast came as Paddy said good results for bookies, which were bad for customers, meant punters gambled less in the first three months of the year.

Some 14pc of horse races in the UK and Ireland were cancelled due to dismal weather between January and March. The double- whammy meant first- quarter revenues fell 2pc to £408m while profits fell 8pc to £102m.