Bookmaker set for leadership change

L But analyst fears new Paddy Power Betfair boss may prove to be gamble

cost benefits of the deal were ahead of schedule. And in its first-quarter results published in May, it said operating profits doubled, although results of high-profile events like the Grand National “favoured customers”.

However, shares fell on news of the CEO handover, with Mike van Dulken, head of research at Accendo Markets, commenting that traders were “both shocked and unsure”.

He explained: “Shock stems from losing an important figure and business-driver, especially with last year’s merger. Uncertainty stems from whether Peter Jackson… and his wealth of financial and consumer experience (nonexec board member since 2016) will be enough to lead the gaming giant.”

Van Dulken added that the share price drop seen during the session yesterday “scuppers the shares’ recent rebound, and extends the mid-june downturn, adding to a rocky ride for both it and peers over the last 12 months.

“Fierce competition and consolidation are one problem. A lack of major summer sporting events this year makes it a brace. A new man at the top makes it hat-trick of issues for [Paddy Power Betfair] shareholders.” Shares closed down 4.7 per cent at 7,550p.