Irish bookmaker Paddy Power has issued a profit warning, blaming a run of unfavourable sporting results and the wider downturn in consumer spending.
The company now expects to make an operating profit of 75m euros ($110m; £60m) in 2008, down from its previous guidance of 82m euros.
It said 4-5m euros of the reduction was due to big payouts, including bets on Irish golfer Padraig Harrington.
Reduced betting business in the UK and Ireland will cut a further 2-3m euros.
Posted by casino man in Gambling News