Paddy Power Betfair announces rise in pre-tax profits

[The Buzz]

On the heels of William Hill announcing losses from the first six months of 2018, Paddy Power Betfair reported a 4% rise in pre-tax profits to £106 million for the first half of the year, after a positive period both before and during the World Cup. The company also said it will be able to "withstand" the forthcoming £2 stake limit on FOBTs because its shops are "more profitable and outperform on sports betting."

From a BBC report:

"We operate in high-footfall, highly competed locations, which means we are well placed to benefit from competitor shop closures," Paddy Power Betfair said. "In the UK, we do not expect the government's proposed new £2 stake limit for gaming machines to have a material impact on our retail strategy," it added.

Rival William Hill, which generates just over half its retail revenues from FOBTs, warned that 900 of its betting shops become loss-making, potentially leading to job losses.

Read more here: https://www.bbc.co.uk/news/business-45110532

[PromoteCasino]

It is funny how two of the high street giants can have differing views when it comes down to the FOBT.

I admit there may well be closures in certain areas but for Hills to say 900 shops will go seems a bit drastic.