Paddy Power now expects profits for 2013 to be €11m lower than the Irish bookmaker forecast in August.

Paddy Power

The company said the downgrade follows a trend of punters backing winning favourites for events including the UEFA Champions League and the Melbourne Cup.

The company now expects operating profits in 2013 to be approximately €11m (£9.2m) lower than predicted although overall performance in the period from July 1 to November 17 has been good, said Paddy Power.

Online sports betting turnover rose more than 25 per cent in Australia and 15 per cent elsewhere, while sports betting turnover in its shops rose five per cent and total net revenues were up seven per cent.