Flutter Entertainment, the parent company of Paddy Power and Betfair, is predicted to take at least a £90m hit to its full-year earnings due to the outbreak of coronavirus.

Paddy

Games and match fixtures have been called off in several countries, with the English FA and teams recently announcing cancellation of top-team fixtures. Horse racing is not yet cancelled and the UK’s Grand National is still expected to go ahead, albeit with limited attendance.

Thirty minutes into trading the company reported a 20.29 per cent drop in share price on the London Stock Exchange, following the trend of the day which started off in bear market territory.

The company announced the EBITDA in 2019, excluding the US market, was £426m. However, it is expected to see significant damage in this year to its bottom line. The company said that its bottom line would also be damaged as 78 per cent of its revenues are through bets placed on global sporting events.

Peter Jackson, CEO, said: "The challenge currently facing our business and the industry more widely is unprecedented in modern times. Our focus, first and foremost, is on protecting the welfare of our employees and our customers and we will leave nothing to chance in this regard.

“While our near-term profitability will be impacted by the essential measures being taken globally, the board will remain focused on protecting shareholder value and managing the business through these turbulent times."