Betfair’s Bolt of bad luck

BETTING Usain Bolt would win the 100m and 200m sprint races at the Olympics hit Paddy Power Betfair.

The betting firm did not disclose how much the bets – placed at 10/11 to win both – amounted to, but admitted it cost it a fair bit.

There was also a flurry of money for Britain’s women’s golden hockey team: 9/4 to win before the final, they were 7/1 at the start of the tournament. Online betting exchange Betfair and Paddy Power completed a £6bn merger this year and reported sales for the six months to June 30 rose 18pc to £759m. Profits more than doubled to £134.9m.

They were boosted by strong demand during the Euro 2016 football tournament, which generated £22m in June. Shares fell by 2.2pc, or 215p, to 9735p.