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Paddy Power profits drop on US spend

Paddy Power profits drop on US spend

One of the biggest changes to the global gambling market over 2018 was the repeal of legislation banning sports betting in the US. Since then, bookies have been keen to introduce American consumers to their brand. In July, Paddy Power Betfair (PPB) bought fantasy spots website FanDuel, and has since launched a sportsbook in New Jersey following the state's legalisation of sports betting, gaining 35 per cent of market share in the first five months of operation. But group underlying cash profits fell 5 per cent to £451m due in part to the £24m spent on developing the US business. Otherwise, this figure would have been up 9 per cent.

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