{"id":85490,"date":"2018-08-09T06:35:42","date_gmt":"2018-08-09T13:35:42","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=85490"},"modified":"2018-08-09T06:45:09","modified_gmt":"2018-08-09T13:45:09","slug":"fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/","title":{"rendered":"\u2018Loss-Making\u2019 Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast"},"content":{"rendered":"

Paddy Power Betfair (PPB) has said that losses incurred by its US operations, the FanDuel Group<\/a>, has forced it to revise its earnings outlook for the year. Meanwhile, a lucrative World Cup failed to offset higher betting taxes in Australia and disappointing revenues from horse racing.<\/p>\n

\"Paddy
Paddy Power Betfair CEO Peter Jackson is optimistic about opportunities in the US not just for sports betting but also horse racing, which will be cross-sold to sports bettors via the company\u2019s TVG\u00a0television network. (Image: Racing Post)<\/figcaption><\/figure>\n

PPB said it expected its full year EBIDTA to be between \u00a3460 million and \u00a3480 million ($593 million and $619 million), down from the previous estimate of \u00a3470 million to \u00a3495 million ($606 million to $638 million), which predated the FanDuel deal. The news caused the company\u2019s stock to dip four percent on the London Stock Exchange on Wednesday.<\/p>\n

PPB has embarked on a flurry of investment in America since the US Supreme Court rejected federal legislation banning sports betting. The court\u2019s decision in May paves the way for individual states to legalize and regulate sports books, and PPB is looking to capitalize.<\/p>\n

US Expansion Costs Money<\/strong><\/h2>\n

The FanDuel acquisition was finalized last month, with the daily fantasy sports operation merging with PPB\u2019s American arm Betfair US. PPB will use FanDuel\u2019s US brand recognition as a springboard into the emerging US sports betting markets.<\/p>\n

\n

FanDuel was not expected to have a material impact on PPB\u2019s earnings. The Irish-British bookmaker said when the deal was announced the DFS site was \u201cbroadly breakeven\u201d before any further investment in the US sports betting market.<\/p>\n<\/div>\n

But PPB said on Wednesday the combined business would be lossmaking in the second half of the year due to the \u201cseasonality of daily fantasy business, which has high levels of marketing at the start of the NFL season in September and October, and the launch of the sports betting business.\u201d<\/p>\n

FOBTs No Big Deal<\/strong><\/h2>\n

But PPB CEO Peter Jackson added the company was optimistic not just about sports betting in the US but also horse racing, which was a poor performer domestically.<\/p>\n

We are very excited about the opportunities in the US and we have a very well-established horse racing business in that market in TVG<\/a> [PPB\u2019s horse racing and betting TV network], to leverage the customers in that business but also to sell racing into a new generation of punters in the US who come on and use our online services for betting on other sports,” he said.<\/p><\/blockquote>\n

Jackson also played down the impact the UK government\u2019s drastic cuts to the maximum stakes of fixed-odds betting terminals would have on the company\u2019s retail business. With fewer land-based betting shops than major competitors like William Hill and Ladbrokes Coral, PPB is less exposed to the fallout from the reforms, which will see maximum bets on the machines curbed from \u00a3100 ($129) to just \u00a32 ($2.58).<\/p>\n","protected":false},"excerpt":{"rendered":"

Paddy Power Betfair (PPB) has said that losses incurred by its US operations, the FanDuel Group, has forced it to revise its earnings outlook for the year. Meanwhile, a lucrative World Cup failed to offset higher betting taxes in Australia and disappointing revenues from horse racing. PPB said it expected its full year EBIDTA to […]<\/p>\n","protected":false},"author":36,"featured_media":85492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,14007,10,14577,1074],"tags":[],"acf":[],"yoast_head":"\nFan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast<\/title>\n<meta name=\"description\" content=\"Paddy Power Betfair said the FanDuel Group is expected to be loss-making in the second half of the year but it remains upbeat about its expanded US operations.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast\" \/>\n<meta property=\"og:description\" content=\"Paddy Power Betfair said the FanDuel Group is expected to be loss-making in the second half of the year but it remains upbeat about its expanded US operations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-09T13:35:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-08-09T13:45:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/\",\"url\":\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/\",\"name\":\"Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg\",\"datePublished\":\"2018-08-09T13:35:42+00:00\",\"dateModified\":\"2018-08-09T13:45:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Paddy Power Betfair said the FanDuel Group is expected to be loss-making in the second half of the year but it remains upbeat about its expanded US operations.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg\",\"width\":1280,\"height\":720,\"caption\":\"Paddy Power Betfair CEO Peter Jackson is optimistic about opportunities in the US not just for sports betting but also horse racing, which will be cross sold to sports bettors via the company\u2019s TVG TV network. (Image: Racing Post)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sports Betting\",\"item\":\"https:\/\/www.casino.org\/news\/sportsbetting\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"\u2018Loss-Making\u2019 Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\",\"name\":\"Philip Conneller\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"caption\":\"Philip Conneller\"},\"description\":\"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/philip-conneller\",\"https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk\",\"https:\/\/x.com\/casinoorgphilc\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast","description":"Paddy Power Betfair said the FanDuel Group is expected to be loss-making in the second half of the year but it remains upbeat about its expanded US operations.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast","og_description":"Paddy Power Betfair said the FanDuel Group is expected to be loss-making in the second half of the year but it remains upbeat about its expanded US operations.","og_url":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2018-08-09T13:35:42+00:00","article_modified_time":"2018-08-09T13:45:09+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg","type":"image\/jpeg"}],"author":"Philip Conneller","twitter_card":"summary_large_image","twitter_creator":"@casinoorgphilc","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Philip Conneller","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/","url":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/","name":"Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg","datePublished":"2018-08-09T13:35:42+00:00","dateModified":"2018-08-09T13:45:09+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b"},"description":"Paddy Power Betfair said the FanDuel Group is expected to be loss-making in the second half of the year but it remains upbeat about its expanded US operations.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/peter.jpeg","width":1280,"height":720,"caption":"Paddy Power Betfair CEO Peter Jackson is optimistic about opportunities in the US not just for sports betting but also horse racing, which will be cross sold to sports bettors via the company\u2019s TVG TV network. (Image: Racing Post)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/fan-duel-contributes-to-paddy-power-betfairs-revised-earnings-forecast\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Sports Betting","item":"https:\/\/www.casino.org\/news\/sportsbetting\/"},{"@type":"ListItem","position":3,"name":"\u2018Loss-Making\u2019 Fan Duel Contributes to Paddy Power Betfair\u2019s Revised Earnings Forecast"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b","name":"Philip Conneller","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","caption":"Philip Conneller"},"description":"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.","sameAs":["https:\/\/muckrack.com\/philip-conneller","https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk","https:\/\/x.com\/casinoorgphilc"],"url":"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/85490"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=85490"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/85490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/85492"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=85490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=85490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=85490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}