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Paddy Power/Betfair takes 5m pound hit

  • 23-01-2017 1:07pm
    #1
    Closed Accounts Posts: 40,086 ✭✭✭✭ Harry Palmr


    On Trump win.

    https://www.theguardian.com/business/2017/jan/23/paddy-power-betfair-blames-donald-trump-zlatan-ibrahimovic-profits-dip
    The “unexpected US election outcome”, in which Trump triumphed over Hillary Clinton in November, cost the bookmaker £5m as it paid out to punters who backed him for the White House.

    The impact was exacerbated by the group’s decision to pay out £800,000 to gamblers who backed Hillary Clinton even before the polls closed, on the assumption that the Democrat candidate would win.

    Well done everyone - well not really! :mad:


Comments

  • Closed Accounts Posts: 9,586 ✭✭✭ Martin Polite Pane


    5m is still probably small(ish) change for them, and there was a few plugs on the US news networks when the early payout was announced, St.Stephens/Boxing Day pl football probably made a bit of dent too.

    Still, with politics (e.g. Brexit) it's often better to listen to your own reasonable logic and conclusions. Rather than pay any attention to the vast majority of pollsters, 'experts' and (often biased) media-backed number cruncher's.

    When I added @9 to the bet-slip, the charts were still backing the 86% HC win dogma.

    trump16_09_11_9.png


  • Closed Accounts Posts: 15,116 ✭✭✭✭ RasTa


    It also reported a £28m benefit from the translation of non-UK revenue due to the weakness of the British pound.

    In today's results statement, Paddy Power Betfair said its revenue for the three months to the end of September jumped by 25% to £404m.

    Pocket change


  • Registered Users Posts: 46 ✭✭✭ doyler55


    The bookies never loses they always get it back in the end.


  • Registered Users Posts: 501 ✭✭ Division


    €5m is not small change to them. Had a look at paddy powers financial statements a couple of years ago. Profit for the year was about €40m.


  • Closed Accounts Posts: 732 DontThankMe


    Division wrote: »
    €5m is not small change to them. Had a look at paddy powers financial statements a couple of years ago. Profit for the year was about €40m.

    Don't know what year you were looking at but in 2015 they made an operating profit of €180 million so €5 milion is small change in the grand scheme of things.

    http://www.rte.ie/news/business/2016/0308/773311-paddy-power-betfair-results/


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  • Registered Users Posts: 37,373 ✭✭✭✭ Mellor


    Division wrote: »
    €5m is not small change to them. Had a look at paddy powers financial statements a couple of years ago. Profit for the year was about €40m.

    Paying out $5m doesn't mean it cost them $5m



    Simple example would be them advertising how much they lost paying out on Leicester last year. They of course fail to mention that they took in much more than that on the rest of the market. It was probably one of their most profitably years for that market.


  • Registered Users Posts: 11,907 ✭✭✭✭ Kristopherus


    Anyone try to put a bet on Real Madrid tonight. When I clicked on that game I got a page of gibberish offering bets on what will happen during each minute. And they have pulled it from the Live Betting:mad:.


  • Registered Users Posts: 11,553 ✭✭✭✭ Copper_pipe


    Anyone try to put a bet on Real Madrid tonight. When I clicked on that game I got a page of gibberish offering bets on what will happen during each minute. And they have pulled it from the Live Betting:mad:.

    Game postponed.

    Damage to the Roof at Celtas stadium


  • Closed Accounts Posts: 14,521 ✭✭✭✭ mansize


    Anyone try to put a bet on Real Madrid tonight. When I clicked on that game I got a page of gibberish offering bets on what will happen during each minute. And they have pulled it from the Live Betting:mad:.

    hate when they pull called off games :rolleyes:


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