First-half profits at Paddy Power owner Flutter Entertainment fell 70 per cent to €27 million as the betting business grappled with the impact of Covid-19 on sport.

Flutter merged with Canada’s Stars Group in May, creating the world’s biggest gambling business, after shareholders in both companies voted for the deal.

Dublin-headquarted Flutter’s pre-tax profit fell to £24 million (€27 million) in the first six months of the year from £80 million during the same period in 2019.

The figures, which include Stars Group’s contribution from May onwards, show that revenues rose 49 per cent £1.52 billion in the first half from £1.02 billion in the opening six months of 2019.

Covid-19 lockdowns cancelled most of the sports events on which Flutter’s customers bet, particularly in Europe, where football, horseracing and rugby all suffered. Cancellations included the Grand National, one of the year’s single biggest betting events.

Flutter said that the outlook remains uncertain. Chief executive, Peter Jackson noted: “The second half has started well, with good sports betting performance following the return of major sport events, whilst gaming performance has remained resilient”.