{"id":76811,"date":"2018-05-02T10:30:07","date_gmt":"2018-05-02T17:30:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=76811"},"modified":"2018-05-02T10:50:21","modified_gmt":"2018-05-02T17:50:21","slug":"paddy-power-befair-blames-arsenal-for-tumultuous-q1","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/","title":{"rendered":"Paddy Power Betfair Blames Arsenal for Tumultuous Q1"},"content":{"rendered":"

Paddy Power Betfair said on Wednesday that bad weather and Arsenal Football Club<\/a> were among the factors responsible for scaring off bettors in Q1, leading to worse-than-hoped financial results.<\/p>\n

\"Arsenal
Arsenal manager Arsene Wenger announced he would resign after 22 years in the job following a string of poor results that also happened to drag down Paddy Power Betfair\u2019s profits in the first quarter. (Image: Evening Standard)<\/figcaption><\/figure>\n

The group reported flat revenue at \u00a3408 million ($555 million) in the three months to 31 March, while underlying earnings dropped 8 per cent to \u00a3102 million ($139 million), but why is this Arsene Wenger\u2019s fault?<\/p>\n

While an extreme weather front labeled the \u201cBeast from the East\u201d battered the British Isles with freezing temperatures and heavy snowfall in February and March, Arsenal\u2019s soccer stars were facing a cold-spell all of their own making.<\/p>\n

As extraordinary as it sounds, \u201cThe Gunners\u201d are the only team in the top four tiers of English soccer not to have won a single away game in 2018.<\/p>\n

Racing Called Off<\/strong><\/h2>\n

Arsenal were the worst offenders among many losing favorites during the period, which produced a string of unfavorable results for bookmakers.<\/p>\n

This had been preceded by a series of bookmaker-friendly results at the end of last year which may have sent the nation\u2019s bettors in a collective sulk, according to Paddy Power.<\/p>\n

Customers like to win,\u201d a spokesperson for the bookmaker said. \u201cIf you have a sustained run of bookmaker-friendly results it will have a knock-on effect on customer activity.\u201d<\/strong><\/p><\/blockquote>\n

Bookmakers were delighted in the run up the Christmas period when a large number of bets were placed on Arsenal and Liverpool in mid-December, who promptly failed to deliver.<\/p>\n

Meanwhile the Beast from the East wrought havoc on UK horseracing, compounding the bookmaker\u2019s misery. Bad weather across the entire quarter led to the cancelation of more than 400 race meets \u2013 the equivalent to 14 percent of all scheduled races.<\/p>\n

In comparison, just 4 percent of races were called off due to adverse weather during the corresponding period of 2017.<\/p>\n

Paddy Power Betfair Shares Dip in London<\/strong><\/h2>\n

Nevertheless, Paddy Power chief Peter Jackson said he believed the firm was \u201cmaking progress\u201d \u2013 although the stock market was inclined to disagree, with shares in the company dropping 6 percent in the immediate aftermath of the announcement.<\/p>\n

Bookmakers are bracing themselves for drastic government reforms on the maximum stakes of fixed-odds betting terminals, the announcement of which could come as early as next week. Paddy Power has broken ranks with the rest of the industry<\/a> in welcoming state intervention.<\/p>\n

While Jackson said Wednesday the expected reduction from \u00a3100 to \u00a32 would be \u201ca lightening rod for the industry, he also said he wanted \u201ccertainty\u201d so the decision \u201cso we can move on.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Paddy Power Betfair said on Wednesday that bad weather and Arsenal Football Club were among the factors responsible for scaring off bettors in Q1, leading to worse-than-hoped financial results. The group reported flat revenue at \u00a3408 million ($555 million) in the three months to 31 March, while underlying earnings dropped 8 per cent to \u00a3102 […]<\/p>\n","protected":false},"author":36,"featured_media":76814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,14577,16,1074],"tags":[],"acf":[],"yoast_head":"\nPaddy Power Befair Blames Arsenal for Tumultuous Q1<\/title>\n<meta name=\"description\" content=\"Paddy Power Betfair reported results below analysts\u2019 expectations for the first quarter, blaming Arsenal and the weather for scaring off bettors during the period.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paddy Power Befair Blames Arsenal for Tumultuous Q1\" \/>\n<meta property=\"og:description\" content=\"Paddy Power Betfair reported results below analysts\u2019 expectations for the first quarter, blaming Arsenal and the weather for scaring off bettors during the period.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-02T17:30:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-05-02T17:50:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/05\/arsene.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2473\" \/>\n\t<meta property=\"og:image:height\" content=\"1648\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/\",\"url\":\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/\",\"name\":\"Paddy Power Befair Blames Arsenal for Tumultuous Q1\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/05\/arsene.jpg\",\"datePublished\":\"2018-05-02T17:30:07+00:00\",\"dateModified\":\"2018-05-02T17:50:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Paddy Power Betfair reported results below analysts\u2019 expectations for the first quarter, blaming Arsenal and the weather for scaring off bettors during the period.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/paddy-power-befair-blames-arsenal-for-tumultuous-q1\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/05\/arsene.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/05\/arsene.jpg\",\"width\":2473,\"height\":1648,\"caption\":\"Arsenal manager Arsene Wenger announced he would resign after 22 years in the job following a string of poor results that dragged down Paddy Power Betfair\u2019s profits in the first quarter. 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