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..."