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Flutters Profits Have Tripled To A Record Ps77 Million Despite Punters Losing Ps6 Million Every Day In Bets

Gamblers have been handing over PS6 million every day to the betting group that owns Paddy Power and Betfair, allowing it to triple its revenues.
Flutter, which also owns Sky Bet, announced yesterday that its UK and Ireland players lost a third of their money in the first half of 2021, totaling PS1.1 billion.
The figure boosted profits to PS77 million, up from PS24 million in the same period last year, which was a record at the time.
Outraged MPs and gambling addiction advocates accused Flutter of profiting from the “distress and suffering of vulnerable gamblers,” and demanded that the government take immediate action.
The Gambling Commission issued a further warning to betting firms yesterday, advising them to be “particularly watchful” since “consumers are susceptible as Covid restrictions are withdrawn and family finances remain under stress.”
The results of Flutters covered a portion of the Euro 2020 football tournament, during which gambling companies were chastised for bombarding supporters with advertisements on television and social media.
Flutter, an Irish betting company, now has 3.3 million active clients in the UK and Ireland, up 44% in a year. It comes just weeks after the Daily Mail revealed that father-of-two Luke Ashton, 40, of Leicester, committed suicide in April after getting ‘consumed by Betfair betting incentives.’
The government is poised to make significant reforms to the industry’s laws, with suggestions due later this year.
In the UK, there are about 400,000 gambling addicts, including 55,000 children, and another 2 million are at risk of harm.
Ministers are expected to discuss suggestions like as establishing a new consumer ombudsman, prohibiting large losers from receiving VIP bonuses, and ending football shirt sponsorship.
It’s also possible to set maximum stakes.
The industry is fighting any restrictions that could hurt revenues, which soared during the pandemic as new punters came to gamble online because they were bored at home during the lockdown.
‘I am concerned that the pandemic has produced a new pandemic of gambling addiction,’ Labour MP Carolyn Harris, chairman of the parliamentary group tackling gambling harm, said.
Customers have been losing PS6 million a day to Flutter, which owns Paddy Power, Sky Bet, and Betfair, so far in 2021. She added: ‘It is the time for the industry to be held accountable for the misery and devastation that they inflict to the lives of vulnerable people.’
‘The shutdown has been a gift to the gaming industry,’ said Bishop of St Albans Dr Alan Smith, who represents the Church of England on gambling problems.
‘What their eye-watering earnings fail to reveal is the financial cost to the Treasury of gambling-related problems, as well as the countless people whose lives have been ruined by gambling addiction.’
Flutter, an Irish gaming company, now has 3.3 million active customers in the UK and Ireland, up 44% in a year, although it noted that average expenditure had declined and that it was investing heavily in problem gambling.

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