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Online betting group Flutter Entertainment has announced that the cancellation of sporting events could cost the company £110 in earnings for the year.
The company is the owner of Paddy Power, Betfair, and FanDuel, which rely heavily on sports wagers from their customers to fuel their bottom line. Many major leagues around the world for different sports have suspended their seasons due to the coronavirus outbreak. Last week the Premier League, UEFA Champions League, NBA, NHL, and MLB all suspended their seasons, which will obviously also impact the number of wagers being placed on those events.
Flutter said that the potential drop isn't set in stone, as nobody knows how long the leagues will be suspended, and some leagues are holding events in closed arenas.
In a statement, Flutter's CEO Peter Jackson 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."