Flutter sees big earnings hit if sports fixtures cancelled to August

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 canceled in Australia, Britain, and Ireland and its shops were closed, the gambling group estimated that this would incrementally reduce group earnings before interest, tax, depreciation, and amortization (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)