BOOKMAKER Paddy Power boasted a record number of new online customers in the first half of the year, but blamed punter friendly results for a 20 per cent fall in profits.
The group’s revenues grew four per cent to €396.5m (£315.2m) during the six months to 30 June while profits sagged to €61.6m, down from €77m during the same period last year.
“Football punters, and particularly accumulator bettors, had dream weekends in January and March”, when there was an “horrific run of sports results”, said Paddy Power.
“We always say to people that the run of results can go against bookies. Every separate event is a new coin toss,” chief financial officer Cormac McCarthy told Reuters.
Paddy Power’s shares closed down 1.01 per cent at 49p.