Paddy Power gets £20 million fillip after losing its edge

Paddy Power is getting a £20 million cash boost from its owners to help revive the flagging brand.

Paddy Power and Betfair merged two years ago to create a £7 billion online betting empire.

But results on Wednesday from the combined business showed the Power brand, which once stood out for its irreverent and often controversial campaigns, has lost market share to rivals. marketing spending has lagged behind in a fiercely competitive market.

Ahead of the World Cup, new boss Peter Jackson is aiming at more recreational punters as well as more-generous bonuses to loyal customers.

Paddy Power Betfair’s annual profits rose 18% to £473 million, better than expected, thanks to results going against punters.

But the bookies are doing too well: the run of results “significantly affected customer activity” this year leaving gamblers fewer winnings to recycle. The shares fell 4%, or 345p, to 7875p.

Peel Hunt’s Ivor Jones said: “The group… is certainly in a good position to invest in product and marketing to regain territory.”