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Paddy Power on a winner with £65m
15.05.08
The failure of punters to find many winning favourites at the high-spending Cheltenham horseracing festival, culminating in the deposing of Gold Cup champion Kauto Star, is seeing earnings soar at top Irish bookmaker Paddy Power.
It said it was a short-priced odds-on favourite to increase profits by 8% to €82 million (£65 million) this year after a very strong performance by its betting shops and online operations since the turn of the year.
The fall of the pound against the euro, however, has wiped €5 million from group operating profit.
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