LONDON (ShareCast) - (Sharecast News) - Paddy Power Betfair owner Flutter Entertainment said revenue had been more resilient than expected despite the cancellation of many sports due to the coronavirus pandemic, bolstered by a continuation of US and Australian horse racing.
Total revenue rose 16% to ?547m for the three months to March 31. Racing in Ireland and the UK was suspended last month, leading to a 32% slump in revenue since the ban was imposed, Flutter said on Friday.

The company said last month it could take a hit of up to ?110m to earnings if sports fixing restrictions due to the coronavirus remain in place until the end of August. It generated about 78% of its revenues through bets placed on global sporting events.

Flutter last week said said its final dividend would be paid out in shares rather than cash as it sought to bolster its finances in the face of the pandemic. The company had planned to pay 133p a share.

Flutter has seen its share price slump by 25% as sports fixtures were cancelled and the government imposed a lockdown forcing the closure of non-essential shops.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE