Corcoran pointed to that as well as the lack of any major soccer tournaments in recent months as another reason for revenue hardships.<\/p>\n
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But as stagnant as the first half was, the third quarter could be even worse if another popular betting option comes in for gamblers but doesn’t turn out well for the bookmaker. The Floyd Mayweather-Conor McGregor fight on August 26 has many in Britain and Ireland plunking money down on the Irish fighter.<\/strong><\/p>\nThe UFC title holder opened as an 11-1 longshot, but has been bet down to 4-1. If he pulls off an upset, Paddy Power could suffer another multimillion-dollar loss.<\/strong><\/p>\n<\/div>\nTo explain the tepid stock temperature, however, investors have shown caution since October, when the Competition and Markets Authority announced a joint investigation with the UK Gambling Commission into betting firm practices and potential mistreatment of customers. The investigation\u2019s next report expected in December.<\/p>\n
The regulatory review has put pressures on share prices of many online gaming companies, and as the world\u2019s largest bookmaker, Paddy Power Betfair hardly expects to be exempt from the scrutiny.<\/p>\n
Executive Turnover<\/h2>\n Analysts question why Corcoran, 46, was leaving the company he\u2019d been with for 16 years, especially after he was instrumental in overseeing the merger between Paddy Power and Betfair. Corcoran has indicated he will stay on until his replacement, Peter Jackson, the outgoing CEO of financial technology firm Worldpay, has made a smooth transition.<\/p>\n
In Corcoran\u2019s public statement about his departure, he noted the choice to leave was difficult.<\/p>\n
\u201cThere is never a good time to leave, but this is the right decision for me and my family,\u201d he said, \u201cand following the successful completion of the merger integration it is an opportune time for the business, too.\u201d<\/p><\/blockquote>\n
Leaving the company with Corcoran is Ken Robertson<\/a>, Paddy Power\u2019s maverick ad chief responsible for irreverent ad campaigns that tweaked British Prime Minister Theresa May over Brexit, and highly promotable futures betting Donald Trump\u2019s presidency, and by proxy, the fate of the world.<\/p>\nAfter 19 years with Paddy Power, the man once dubbed “Head of Mischief” is supposedly setting out to form his own agency.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rising revenue hasn\u2019t offset investor unsteadiness over the future of Irish and UK betting juggernaut Paddy Power Betfair. The company\u2019s share price dropped 4.7 percent on Monday, after news that CEO Breon Corcoran would be stepping down. That dip was followed by an additional 3.9 percent slide on Tuesday upon release of Paddy Power Betfair\u2019s […]<\/p>\n","protected":false},"author":42,"featured_media":56376,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,1,1074],"tags":[],"acf":[],"yoast_head":"\n
Paddy Power Betfair Drops on News of CEO Departure, Earnings Struggle<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n