LESS POWER FOR PADDY

Bookies Paddy Power Betfair are odds-on to make less than expected this year.

The industry giant said losses on a newly bought US business, taxes in Australia and tougher trading had held them back. They still expect to make between £460million and £480m this year, but that’s up to £35m less than they reckoned just three months ago.

The shortfall comes despite the firm getting a boost from the World Cup, with an £8m profit on £45m of sales.

Bosses vowed to ramp up expansion in the US where sports betting regulations are being relaxed. The firm also reckon they will be hit less hard than rivals by a clampdown on fixedodds betting terminals here.

Paddy Power Betfair’s share price tumbled 5 per cent yesterday.

_______________________________ 1.086 1.691 2.027 1.637 7.785 26.718 20.080 1.848 4.401 16.587 1.247 40.466 6.387 4.569 1.262