March 16, 2020 / 7:36 AM / 13 days ago

Flutter sees big earnings hit if sports fixtures cancelled to August

DUBLIN, March 16 (Reuters) - Paddy Power Betfair parent Flutter Entertainment would take a 90 to 110 million pound ($111 million-$136 million) hit to full-year earnings if coronavirus sports fixture restrictions remain in place until the end of August, but horse racing continues without spectators.

If horse racing is cancelled in Australia, Britain and Ireland and its shops be closed, the gambling group estimated that this would incrementally reduce group earnings before interest, tax, depreciation and amortisation (EBITDA) by around 30 million pounds per month.

The Dublin-based group’s EBITDA in 2019, excluding its investment in the United States, was 426 million pounds. It said on Monday that prior to a raft of sporting cancellations, trading so far this year had been running ahead of expectations. ($1 = 0.8095 pounds) (Reporting by Padraic Halpin, editing by Louise Heavens)

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