Bookies take a battering after coronavirus profits warning

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Bookies take a battering after warning coronavirus is set to knock hundreds of millions of pounds off their profits

By Daily Mail City & Finance Reporter

Published: | Updated:

Shares in Britain’s biggest gambling firms tumbled after they warned that coronavirus was set to knock hundreds of millions of pounds off their profits. 

Paddy Power owner Flutter Entertainment, Ladbrokes owner GVC and William Hill all issued profit warnings, saying the cancellation of sporting events would hit their takings. 

It sent Flutter shares tumbling by 11.8 per cent, GVC down by 21.7 per cent and William Hill plummeting 25.5 per cent. 

Paddy Power owner Flutter Entertainment, Ladbrokes owner GVC and William Hill all issued profit warnings, saying the cancellation of sporting events would hit their takings

The warnings came after a string sporting events were cancelled or postponed, although some are continuing behind closed doors. 

All Premier League football games have been called off until the beginning of next month while the major leagues in Spain, Italy, France and Germany have been indefinitely suspended. 

Flutter said it had modelled scenarios, including football, not resuming until August and the cancellation or postponement of the Euro 2020 tournament. 

It said profits could fall by £90million to £110million if those things happened. 

GVC said it expected a hit of between £130million to £150million and William Hill £100million to £110million, based on similar predictions. 

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