Coronavirus: UK bookmakers to lose billions

British bookmakers have already lost €2.2 billion after the Miami Open and all NBA games were cancelled.

UK.- Britain’s biggest bookmakers lost more than £2 billion (€2.2 billion) after the cancellation of several sporting events due to the Coronavirus outbreak sweeping around the world.

Bookmakers have been hit hard after the Miami Open tennis championship was cancelled and all US National Basketball Association (NBA) games were suspended until further notice.

Spain’s premier football division, La Liga, has suspended all matches for two weeks the Australian Grand Prix has also been cancelled at the last minute.

It is expected that UEFA will soon take the decision to suspend the Champions League and Europa League, some of the most important sporing events for bookmakers.

As a result of the crisis and the cancellation of big sporting events, bookmaker shares have plunged to record lows as traders fear the crisis could would worsen over the coming weeks and months..

Shares in Paddy Power and Betfair-owner Flutter Entertainment – which made around three-quarters of its £2.1billion turnover from sports betting last year- were hammered, falling 15.6 per cent, or 1232p, to 6692p last night and making it one of the biggest fallers on the FTSE 100.