As reported by: The Independent
Ukbetting became the fourth bookmaker in two days to warn that annual earnings will be hit by a recent run of good form among punters.

The Leeds-based company, which owns the sportinglife.com and football365 websites, cautioned that it will now hit only more modest targets set by City experts for the year. Analysts had expected earnings before interest, tax, depreciation and amortisation of between £1.2m and £2.6m, but the company says it will be about £1.4m.

Peter Dubens, Ukbetting's chairman, said: "In common with other bookmakers, we experienced a very poor run of sports results, and the run continued into November.

"Horse racing in general has been very poor over the past two months, the worst I can remember. It's just that a greater number of favourites than usual have been winning."

The gloomy news sent shares in Ukbetting, which listed on AIM four years ago, tumbling 3.25p to 53.25p, and cast a further pall over the gaming sector. On Thursday, three of the biggest names in bookmaking admitted to having taken a bath at the hands of punters. The Irish bookie Paddy Power was forced to issue a stiff profits warning after paying out far more than expected on a race it sponsored the week before at Cheltenham. Its shares dived by 22 per cent.


Article By: The Independent