British public supports calls for online gambling restrictions June 16, 2020 The British public overwhelmingly supports calls by MPs for restrictions to online gambling, new research has shown, as the betting industry this week gears up for the return of televised sporting events. Data released today by polling firm Survation revealed that 82 per cent out of 1,525 people surveyed support limits to online gambling spending. [...]
Paddy Power owner Flutter raises £812m in share placing May 29, 2020 Paddy Power owner Flutter today said it has raised £812m in a share placing that will see Rupert Murdoch’s Fox Corporation boost its holding in the gambling giant. Flutter, which also owns Betfair and Poker Stars, said it placed more than 8m new shares at £101 each, marking a 4.7 per cent discount on last [...]
William Hill suspends dividend as sports cancellations hit betting firms March 16, 2020 William Hill today said it has suspended its dividend due to widespread sports cancellations, sending its shares crashing more than 35 per cent. The betting giant warned the postponement of key sporting fixtures would reduce its earnings by up to £110m. The company, which makes more than half its revenue from its sports book business, [...]
Paddy Power owner Flutter’s profit falls on UK tax blow February 27, 2020 Betfair and Paddy Power owner Flutter posted tumbling 2019 profit today as UK gaming taxes and the firm’s increased investment in the US both took their toll. The figures Profit before tax plunged 38 per cent year on year to £136m despite a 14 per cent hike in revenue to £2.14bn. Earnings per share also [...]
CMA opens probe into Flutter’s £10bn Stars Group betting merger February 5, 2020 The UK’s competition watchdog is set to open an investigation into a planned £10bn gambling merger between Flutter and the Stars Group. The Competition and Markets Authority (CMA) will probe whether the tie-up between Paddy power and Betfair owner Flutter and Toronto-based Stars will hurt competition. The CMA is considering whether it is or may [...]
Flutter Entertainment struggles in face of betting tax hikes as profit plunges August 7, 2019 Flutter Entertainment, the gambling group formerly known as Paddy Power Betfair, has suffered a difficult first six months under its new moniker, with profits falling by a quarter as significant betting tax increases kicked in. Firms in the gambling sector are trying to counteract the new regulation by boosting revenues. Flutter succeeded in doing this, [...]
Gambling firms fork out £19.6m in record year for fines June 27, 2019 UK gambling firms paid out a record £19.6m in penalties last year for failing to protect problem gamblers and crack down on money laundering. The largest fine was handed down to online gambling firm Daub Alderney, which was ordered to pay £7.1m for falling foul of strict rules laid out by the gambling watchdog. Read [...]
City Moves for 21 May – Who’s switching jobs at Cazoo, Invesco and Headland? May 21, 2019 Today's City Moves includes Cazoo, Invesco and Headland. Cazoo Cazoo has announced Alex Gersh, formerly chief financial officer (CFO) of Paddy Power Betfair, has joined as its first CFO. Having raised over £30m late last year, Cazoo is seeking to transform the used car market in the UK. Alex joins Cazoo after spending 6 years [...]
Paddy Power Betfair share price falls as online sales slump May 2, 2019 Paddy Power Betfair reported a 17 per cent increase in revenue in the first quarter, driven by growth in Australia and the US despite a slump in online revenue. Shares in the betting company fell 4.7 per cent to 6,450p this morning, however, as online revenue declined one per cent, excluding gaming platform Adjarabet, due to [...]
Ladbrokes owner GVC shares plunge as bosses offload majority of their holdings March 8, 2019 Shares in GVC plunged 18 per cent this morning as chief executive Kenneth Alexander and chairman Lee Feldman offloaded the majority of their holdings in the online gambling company. Alexander sold £13.7m of stock and Feldman sold £6m of his holding, prompting other investors to dump their shares despite assurances that the pair will not [...]