Gamblers'
Good Fortune Wipes Millions off Bookies' Profits
As reported by the Guardian:
"An unusual winning streak for punters
has forced three leading bookmakers to warn
that their profits will be hurt by the gamblers'
run of good fortune.
"Paddy
Power, the Dublin-based bookmaker; Hilton, which
owns Ladbrokes, and William Hill all said that
recent sporting results had hit betting profits.
"The
bookmakers all reported a higher than usual
proportion of victorious favourites at the racetrack,
which is good news for gamblers. At last Saturday's
meeting at Cheltenham, which included the Paddy
Power Gold Cup, the favourite won half the races
with Our Vic capturing the feature race as the
9-2 "jolly".
"It
was the Irish bookmaker that suffered most,
seeing almost 25% wiped off the value of its
share price.
"...But
investors were more concerned about the longer-term
structural changes to the Irish retail betting
market. There is growing support in Ireland
for a move to nationwide tax-free betting, which
could be announced in next month's budget.
"...The
share price falls for William Hill and Hilton,
Ladbrokes' parent, were less dramatic..."
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