Paddy Power's shares fell yesterday -- the biggest drop since July 11 -- following Ladbrokes' restatement of first-half figures.
In the restatement by the competing betting and gaming company, it appears Irish winnings decreased, Dublin’s Independent newspaper said. This resulted in diluting Paddy Power’s market value, which fell 4.8 percent.
"Concern regarding the deteriorating retail environment in Ireland combined with an oversupply of Irish bookmaker shops will rise as a result (of the announcement),” David Jennings, an analyst at Davy Stockbrokers, told the newspaper.
The restatement was issued due to a “factual inaccuracy,” said a spokesperson for Ladbrokes.