Flutter Entertainment (LON: FLTR) profits fell 70% in the first half of the year amid the pandemic.
The owner of gambling firms Betfair and Paddy Power saw profits sink from £81m in 2019 to £24m in 2020 as most major sports events have been canceled.
Despite the fall in profits, Flutter Entertainment shares opened higher on Thursday morning as the group remained positive about the post-lockdown activity.
Flutter Entertainment is, however, remaining cautious for the second half of the year due to the uncertainty around Covid-19 related disruption and possible regulatory change across various markets.
Revenue at the group also jumped 49% to £1.52bn.
“The first half of 2020 has been defined by the outbreak of the global Covid-19 pandemic. For Flutter, my primary concern has been to keep our colleagues and customers safe,” said Peter Jackson, the group’s chief executive.
“I am proud of the support we have been able to provide to our employees during this challenging time and the additional safer gambling measures we have put in place to enhance player protection.
“The pandemic has been a highly unusual backdrop for completion of our combination with The Stars Group and I would like to take this opportunity to thank all of my colleagues across the enlarged Group for their hard work, commitment and resilience as we have combined to form one team,” he added.