Gambling giant trims earnings guidance

0 The group is merging its US business with Fanduel, the Edinburgh-founded fantasy sports firm

Paddy Power Betfair has lifted sales and profits, but warned investors that its full-year earnings would be knocked by extra taxes in Australia and losses from its fantasy sports business.

The betting group trimmed its earnings before interest, tax, depreciation and amortisation guidance, saying the figure would come in between £460 million and £480m this year.

Paddy Power Betfair has reported a 5 per cent increase in revenues for the six months

to 30 June, up from £827m to £867m.

Profit before tax at the betting group was up 4 per cent year-on-year to £106m.

Chief executive Peter Jackson said: “It has been a busy andsuccessfulfewmonthsfor Paddy Power Betfair. We have made substantial progress against our strategic priorities and trading in the second quarter was good.”

The figures come after the company announced plans to merge its US business with fantasy sports firm Fanduel.