Bookmaker's Bad Gamble Sees Stock Slump

Paddy Power's shares have fallen more than 2% after the bookmaker made a bad gamble when it came to the 2016 U.S. presidential election. Donald Trump's election victory cost the company more then $6 million. This was caused, in part, by the company speaking too soon and paying out more than $1 million to customers who had backed Hillary Clinton, on the assumption she was going to win in the November election. 

"We estimate that the impact on group revenue from the customer-friendly results ... was approximately £40 million [$50 million] in the quarter," the company said in a statement.

Shares extended their 52-week loss to more than 9%, with Paddy Power now expecting full-year earnings before interest, taxes, depreciation and amortization to be between £390 million and £405 million ($384 million to $504 million).