Coronavirus

Gambling groups issue profit warnings

cde.news desk 17 March 2020, 07:07 · 1 min read

epa08261702 Javier, a 24 year old gambling addict, checks his mobile phone at a Center for Addiction (CAD) in the district of Tetuan, in Madrid, Spain, 28 February 2020 (issued on 01 March 2020). Javier began to gamble when he was 17 years old. In Madrid, there are some 400 gambling houses, mainly set in working-class districts of the capital. According to a survey released recently, 22.6 percent of teenagers in Madrid, between 14 and 18 years old, have admitted that they have bet in person occasionally last year and 9.7 percent said that they did it online. Spain's government is preparing new laws to control the gambling sector. EPA-EFE/Mariscal

Gambling groups Flutter Entertainment, GVC and William Hill all issued profit warnings on Monday, as the widespread cancellation of sporting events ground betting to a halt. Flutter, the bookmaker behind Paddy Power and Betfair, said that postponed or cancelled fixtures would “obviously” affect revenue and earnings.

The group, which made about four-fifths of its revenues last year through sports betting, said it expected the Euro 2020 football tournament to be cancelled and the movement of people to remain restricted until August.

Gambling groups issue profit warnings

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