Flutter Entertainment, which owns Paddy Power, said it expects its earnings for this year will reduce by around £90m - £110m (€100m-€122m) as sporting events are cancelled on the back of the coronavirus. Last year Flutter reported underlying earnings of £385m (€426m). Last year approximately 78pc of its revenues came from bets placed on global sporting events. The company said quantifying the precise earnings impact was “difficult” at this point due to a lack of visibility on the duration of restrictions on sporting events. While most sporting events have been cancelled, some are now being scheduled to take place behind closed doors on the back of the coronavirus.

Source: Irish Independent March 16, 2020 07:52 UTC